Trade deficit with China increases from one billion US dollars to 36 billion US dollars over 10 years: Union Minister Piyush Goyal

The Government has said that it has taken a series of measures to reduce dependency on Chinese goods and increase the manufacturing capacity of domestic industries and their competitiveness. Replying to supplementaries on India-China trade relationship in the Rajya Sabha today, Commerce and Industry Minister Piyush Goyal said, the government has laid focus on the Make in India initiative and took efforts by providing production-linked incentives to the domestic industries to increase their manufacturing capacities.

He questioned the previous UPA government for the rise in trade deficit with China. He said that the trade deficit which was one billion US dollars with China in 2003-04 had risen to 36 billion US dollars over the 10 years. The minister said that India has become a large marketplace inviting sub-standard goods into the country in these 10 years and import from China has increased from four billion US dollars in 2003-04 to 51 billion US dollars in 2013-14.

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