New Delhi Jan 9 (KNN) The Chinese Currency has been devaluating for past few days, as a result of this, it will impact on the exports from India. The minister of Commerce and Industry Nirmala Sitharaman seemed to agree on this point and said "The depreciation of the yuan is definitely going to make imported goods (from China) cheaper, the fact is my deficit with China will (also) grow,".
 
She was talking to the reporters after the first meeting of the Council for trade and Development.
 
"It is going to make imports from China even more cheaper (to India). Our products are going to be more expensive. So, that is an immediate black-and-white kind of a situation which is developing," she said.
 
In 2014-15, the bilateral trade between the countries stood at USD 72.3 billion with the trade gap at USD 49 billion. The government and the Indian industry have time and again raised concerns about the widening deficit.
 
India has been pushing China to give greater market access to Indian products such as agri, IT and pharmaceuticals.
The Minister said that the imports are coming in not just because they are cheaper, but the excess capacity in China.
 
"So, China wants to push goods into different countries, particularly India, and that would become even cheaper with the currency devaluation," the minister explained. (KNN Bureau)