Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
CO-PRESENTED BY
LIVE TV DownloadNews18 App
News18 English
»
2-min read

Finance and Commerce Ministries Join Hands to Fight China, Trade Deficit

India will also be sending two trade delegations to China. The move comes after Prime Minister Narendra Modi had an 'informal summit' with Chinese President Xi Jinping last April. The delegation will be exploring opportunities for export of soya, sugar and non-basmati rice to China.

Rounak Kumar Gunjan | News18.com@Rounak_T

Updated:August 2, 2018, 7:39 AM IST
facebookTwittergoogleskypewhatsapp
Finance and Commerce Ministries Join Hands to Fight China, Trade Deficit
PM Narendra Modi meets Xi Jinping on the sidelines of BRICS Summit in South Africa. (File photo: PIB India/Twitter)
Loading...
New Delhi: In the words of the Parliamentary Standing Committee on Commerce, Chinese imports have "thrown a spanner in the wheel" of India’s economic progress. Taking cognizance of the trade deficit, commerce and finance ministries have teamed up to form a committee to resolve the hurdle.

Senior officials in the ministry of commerce informed that the committee comprises senior officials who will draw up a list in order to scrutinize and lessen imports.

India will also be sending two trade delegations to China. The move comes after Prime Minister Narendra Modi had an “informal summit” with Chinese President Xi Jinping last April.

The delegation will be exploring opportunities for export of soya, sugar and non-basmati rice to China.

India's trade deficit with China surged from $ 38.72 billion in 2012-13 to $ 51.11 billion in 2016-17 and further to $ 62.94 in 2017-18. On the other hand, India's exports to China in 2017-18 amounted to $ 13.3 billion, while its imports from the neighbouring country approximated to $ 76 billion.

In relation to the same, India had cautioned China at the World Trade Organization that its $ 63 billion trade deficit with the country was unsustainable and mere lip-service to bridge the gap was not enough.

In its statement during China’s trade policy review at the WTO, New Delhi pointed out that Beijing needed to make serious efforts to lower trade barriers for rice, meat, pharmaceuticals and IT products from India to make a difference to the trade imbalance.

Citing complex requirements for participating in contracts of Chinese state-owned enterprises (SOE) and issues related to qualification requirements, licensing and taxation, Delhi has sought transparency in export of agriculture products, including bovine meat and providing services such as IT. However, all is not dim for India’s relations with China.

China is preparing to give swift regulatory approvals to India-manufactured drugs, the head of an Indian export promotion group said, as Beijing looks for new commercial partners ahead of what could be a protracted trade war with the United States.

Indian firms are looking to fill gaps in Chinese demand for generic drugs, software, sugar and some varieties of rice, trade officials in New Delhi said.

“We do feel that China is receptive at this time and it’s all about making prices competitive,” a government official involved in the effort to promote trade with China told Reuters.

No concrete deals have been signed but the outlook for pharmaceutical sales from India is positive, according to officials from both nations.

India dominates the world’s generic drugs market, exporting USD 17.3 billion of drugs in the 2017-18 (April-March) year, including to the United States and the EU. But only 1 percent of that went to China, the world’s second-largest market for pharmaceuticals, industry data shows.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
 
Most Active
Company Price Change %Gain
SBI 361.70 1.79
Larsen 1,596.00 3.36
ICICI Bank 435.50 0.87
Yes Bank 146.80 3.97
Reliance 1,310.65 -1.96
Company Price Change %Gain
Maruti Suzuki 7,062.70 -0.47
Larsen 1,592.60 3.17
Reliance 1,310.70 -1.95
Yes Bank 146.65 3.79
SBI 361.45 1.93
Top Gainers
Company Price Change %Gain
Tata Steel 512.55 5.87
Yes Bank 146.80 3.97
IOC 162.20 3.44
Larsen 1,596.00 3.36
NTPC 133.20 3.14
Company Price Change %Gain
Tata Steel 511.45 5.78
Yes Bank 146.65 3.79
NTPC 133.35 3.21
Larsen 1,592.60 3.17
Axis Bank 812.45 2.37
Top Losers
Company Price Change %Gain
Zee Entertain 361.00 -4.21
IndusInd Bank 1,612.80 -2.19
Reliance 1,310.65 -1.96
Tech Mahindra 726.05 -1.33
Asian Paints 1,366.85 -1.27
Company Price Change %Gain
IndusInd Bank 1,610.75 -2.37
Reliance 1,310.70 -1.95
Asian Paints 1,365.70 -1.43
Bharti Airtel 350.00 -0.93
Bajaj Finance 3,447.50 -0.54

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results