Govt making efforts to increase exports to China: Shaktikanta Das
The Dollar Business Bureau
Shaktikanta Das, Economic Affairs Secretary, said that India is trying to enhance shipments to China in order to reduce the trade deficit, which reached $46 billion in 2016.
"Our commerce and trade department is working with China to increase our exports there. So that there is parity in trade with China," Das said while interacting with the Chinese media delegation in New Delhi.
In 2016, trade between the two countries was $71 billion. But India had a huge trade deficit of $46 billion with China.
The Finance Ministry, in a series of tweets, said that India is intending to augment exports to China and was also working on that.
For sustainable trade ties, trade balance is required between China and India and India wants to have bigger access into China's market, he said.
Das emphasised that it is required to have evenness and balancing regarding the huge deficit of trade with China so that the two economies can move together.
The secretary further said that the policy of India is to be in a “very good” trade partnership with China.
Das, while referring to the latest methodology for calculating the GDP, said that previously it was calculated on factor cost basis whereas now it is calculated on the basis of market price and is more globally aligned.
Change of method for GDP calculation was in consideration for a long time and this was not a sudden move, he added.
Das further stated that during his visit in 2014 to India, the Chinese President had announced an investment worth $20 billion in India which has begun.
"India is looking for further inflow of investments from China. The embassy of India in China is closely working on this," he said.