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India's trade gap with China widens, Indian Parliament told
INDIA'S imports from China increased six-fold to US$61.71 billion in 2015-16 from $10.87 billion in 2005-06, raising concerns over a widening trade deficit in favour of Beijing.
Increasing imports from China can be attributed to the fact that these are mostly manufactured items required to meet India's demand for fast expanding sectors such as telecom and power, which China is able to export at competitive prices, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
India's imports from China were $51 billion in 2013-14 and $60.4 billion in 2014-15, reports the Calcutta Telegraph.
Exports to China have barely moved to $8.3 billion in 2015-16 (up to February) from $6.8 billion in 2005-06. However, imports (up to February) ballooned to $56.9 billion. In 2014-15, the gap was $48.48 billion.
Major imports from China included computer hardware, drug intermediates, consumer electronics, electrical machinery as well as iron and steel.
India's pharmaceutical exports to China grew 17.3 per cent in 2014-15.
Increasing imports from China can be attributed to the fact that these are mostly manufactured items required to meet India's demand for fast expanding sectors such as telecom and power, which China is able to export at competitive prices, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
India's imports from China were $51 billion in 2013-14 and $60.4 billion in 2014-15, reports the Calcutta Telegraph.
Exports to China have barely moved to $8.3 billion in 2015-16 (up to February) from $6.8 billion in 2005-06. However, imports (up to February) ballooned to $56.9 billion. In 2014-15, the gap was $48.48 billion.
Major imports from China included computer hardware, drug intermediates, consumer electronics, electrical machinery as well as iron and steel.
India's pharmaceutical exports to China grew 17.3 per cent in 2014-15.
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