NEW DELHI, Aug 5 (KNN) Be it China, Japan or Indonesia, India runs a trade deficit with not only them but 77 more countries, Parliament was informed today.

The Indian industry, particularly in the small and medium enterprises in sectors like jewellery, has suffered a lot as a result of restrictions on imports and rising cost of dollar, as the country is becoming more and more import-driven.

"India has a trade deficit with 80 countries in 2012-13. These include China, Switzerland, Saudi Arabia, Iraq, Kuwait, Qatar, Venezuela, Nigeria, Australia, and Indonesia," Commerce and Industry Minister Anand Sharma said in the Lok Sabha.

Widening trade deficit leading to a ballooning current account deficit has become a big challenge for the country, leaving few options before the government and the Reserve Bank which is battling rupee depreciation with accompanying impact on the inflation.

"Contribution of trade deficit of these ten countries to our trade deficit is 76.5 per cent," Sharma said. Last fiscal the trade deficit was in excess of USD 190 billion. It is being anticipated this year that besides raising duty and restrictions on gold imports, duty on several other items particularly of the luxury nature may be increased to curtail imports.

This is because, not much success has so far been achieved in pushing exports. Curtailing exports seem the only option. (KNN/PC)