Trade deficit between India and China grew to USD 37.85 billion in 2014
Updated: Mar 05, 2015 03:22:34pm
New Delhi, Mar 5 (KNN The trade deficit i.e. the difference between exports and imports, with China has inflated to a massive $37.85 billion in 2014, according to a recent data released by China's General Administration of Customs (GAC).
This has rang alarm bells among policy makers in the Government of India. India has been extremely concerned for quite some time now on the rising imports from China.
The Minister of State (Independent Charge) for Ministry of Commerce & Industry, Nirmala Sitharaman has urged the Indian business community to identify opportunities to increase their share in the world market, especially China where the economy is doing well. She also asked them to take advantage of this and increase their market share by manufacturing and supplying quality goods at competitive prices.
'Though no specific study was conducted to identify our export strength vis-a-vis China, pharma, IT, auto components, agro products, tourism, film and entertainment are potential sectors for exports to China," the minister asserted, citing an export-import profile analysis of Sino-Indian trade.
Referring to the prime minister's 'Make in India' global initiative, Sitharaman told the lawmakers that the government had identified 25 sectors in manufacturing, infrastructure and services to attract investments from domestic and foreign investors.
Earlier this year in the month of January during her meeting with the Chinese Vice-Minister of Commerce Gao Yan she had raised this concern of India on the trade deficit against which he had mentioned that China is taking necessary steps to increase imports from India.
The two-way trade between both countries stood at USD 70.59 billion which is an increase of 7.9 per cent and the target for this year is USD 100 billion. (KNN/VV)
This has rang alarm bells among policy makers in the Government of India. India has been extremely concerned for quite some time now on the rising imports from China.
The Minister of State (Independent Charge) for Ministry of Commerce & Industry, Nirmala Sitharaman has urged the Indian business community to identify opportunities to increase their share in the world market, especially China where the economy is doing well. She also asked them to take advantage of this and increase their market share by manufacturing and supplying quality goods at competitive prices.
'Though no specific study was conducted to identify our export strength vis-a-vis China, pharma, IT, auto components, agro products, tourism, film and entertainment are potential sectors for exports to China," the minister asserted, citing an export-import profile analysis of Sino-Indian trade.
Referring to the prime minister's 'Make in India' global initiative, Sitharaman told the lawmakers that the government had identified 25 sectors in manufacturing, infrastructure and services to attract investments from domestic and foreign investors.
Earlier this year in the month of January during her meeting with the Chinese Vice-Minister of Commerce Gao Yan she had raised this concern of India on the trade deficit against which he had mentioned that China is taking necessary steps to increase imports from India.
The two-way trade between both countries stood at USD 70.59 billion which is an increase of 7.9 per cent and the target for this year is USD 100 billion. (KNN/VV)
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