India’s trade deficit with China is a concern says Commerce minister Nirmala Sitharaman
India’s trade deficit with China is a matter of concern and the government is working for greater access of Indian goods and services into the Chinese marketindia Updated: Jul 24, 2017 19:38 IST
India’s trade deficit with China is a matter of concern and the government is working for greater access of Indian goods and services into the Chinese market, Lok Sabha was informed on Monday.
“Trade deficit with China is a matter of concern. We are discussing the issue with China for greater access for Indian products and services in the Chinese market,” Commerce Minister Nirmala Sitharaman said during Question Hour.
Sitharaman said even Prime Minister Narendra Modi has raised the issue with the Chinese authorities at the highest level and the government was working to reduce the trade deficit with China.
The minister said China tops the list of 25 countries with which India has trade deficit in last three years.
The other countries with which India has trade deficit include Switzerland, Saudi Arabia, Indonesia and South Korea.
Among the countries with which India has favourable trade balance include the United States, United Arab Emirates, Bangladesh, United Kingdom besides others.
Sitharaman said the government has taken a number of steps to overcome the trade deficit which include New Foreign Trade Policy (2015-20), Merchandise Exports From India Scheme, the Services Exports from India Scheme, Niryat Bandhu Scheme etc.
She said India has exported merchandise and services worth USD 230.36 billion between December 2016 and May 2017 to various countries.
Of the total exports, in May alone, India has exported merchandise and services valued USD 37.44 billion, which is 4.40 per cent more than the previous month (April), she said.