NEW DELHI: India's trade deficit with China has swelled to US $52.68 billion in 2015-16, from US $48.48 billion in the previous fiscal.
"Increasing trade deficit with China can be attributed to the relative demand for imports in India and China for each other's goods," commerce and industry minister Nirmala Sitharaman said in a written reply to the Lok Sabha today.
She said efforts are on to increase overall exports by diversifying the trade basket, with emphasis on manufactured goods, services, resolution of market access issues and other non-tariff barriers.
The major imports from China include telecom instruments, computer hardware and peripherals, fertiliser, electronic component, project goods, chemicals and drug intermediaries.
Exports to China are ore, slag or ash, iron and steel, tin, raw hides, leather, plastics and cotton.
The bilateral trade between the countries stood at US $70.73 billion in 2015-16, down from US $72.34 billion in the previous fiscal.
Stop all the cheap imports by banning them, WTO or no WTO. China has ruined US economy with exports and the financial muscle. They are able to dominate the market as it is a communist country with cheap labour and cost government can indirectly subsidise. For such countries WTO is a boon as they can dump things in the market quoting free trade policies. Do not allow Chinese imports if they do not meet a minimum international standards.
Yes, once Indians stop buying third class Chinese products this will reverse !!!
... if people like you who make so much noise about imports from China yet you keep buying the stuff... because there is no alternate supply to the already crappy stuff available from the local manufacturers... quit buying the stuff then rather than complaining ...!!!
What would you define as a "minimum international standard" ?? India imports high tech and expensive engineering products from China that include Nuclear reactors and more recently in March this year, a double shielded tunnel boring machine weighing 2500 tonnes that was a custom made order for India and took the communists 12 months to construct. It will be used to construct a tunnel 12.5 kilometres long in a major Indian engineering project and is so advanced it will complete the tunnel in one continuous excavation. India imports other expensive goods and services from China which is why it has a trade deficit. India did not have the resources to build a multi million dollar tunnel boring machine , nor a nuclear reactor it would appear since India has just ordered six more nuclear reactors from the American company,Hewitt Packard. The Americans seem to want to have their cake and eat it too. In 2015, America exported goods and services to China valued at $136 BILLION.
No one is against all imports from China. Get this into your head. Critical technology, high tech items etc are welcome, but not pencils, erasers, toothbrush, lights sort of items. These are available in India at a very slightly higher price. The price here is high because of poor infrastructure and high electricity prices for industries (since government has to subsidize electricity for farmers for votes). In China, industry is given preference, they pay lower electricity tariffs than domestic consumers, like in other developed nations. This boosts their industry.
Souvik Ghosh Dastidar
China has space age infrastructure. China has extremely low crime. China is 24 X 7. No rape or extortion fear even during night time. Vietnam is also gearing up. Expect several small medium business to move to China and Vietnam from India.
Souvik Ghosh Dastidar
yaar @pbuh.... not few monopolistic traders ..... lakhs of traders with capital less than 5 lakhs is flocking to China every month to buy products. Becoz They know that only China can help them to earn money. They are mostly gujju, marwari, south indian, bihari etc. You should ask to stop them first.
... desi bhai manufactured goods are obviously degrees worse off in terms of quality and durability ... hence the increase in importing stuff from China ... think about it !!! This is reality :(
china will ruin indian industry
china already caused major bankruptcy in north america
This is measure of Make in India campaign. We have to go a long way!!
China has ruined Indian manufacturing ability by flooding our market with cheap imports of toys, flags, stationery, cooking appliances, housing supplies, tubes, lights etc etc. Tax the importers high please, to save your own country. The difference between Indian and Chinese goods in price is not that high, we can play slightly more to buy Indian
Here is the Tragedy, China is making Money in India and Investing in Infrastructure, Ports, Roads, Power Plants, Armaments in Pakistan and that too in Pakistan Kashmir.