NEW DELHI: Accepting that bulging trade deficit with China is “not a good news”, Commerce Minister Nirmala Sitharaman today said a lot of effort is underway at different levels to provide more market access to Indian products in that country.
“Bulging deficit is not a good news. With China, we have several rounds of talks and we are continuing so that our bulk drugs and IT/ITeS sectors get greater market access. We are negotiating with China…there is a lot of effort at different levels,” she told reporters here.
She said that Indian companies have expressed concerns that registration process in China is difficult and time consuming.
Simultaneously, Sitharaman added that in order to stop some of the Chinese goods which are causing injury to the domestic industry, India is taking measures which are WTO compliant.
“So on one hand we are trying to make imports where it is unsustainable, where it is injurious, we will stop and on the other hand for greater access, there is a work going on,” she said.
Trade deficit between India and China has increased to $44.7 billion during April-January period of 2015-16.
India has a trade deficit with as many as 27 major countries, including China, Australia, Iraq and Iran.
In 2015-16, India’s trade deficit fell 14 per cent to $118.35 billion.