February 13, 2017 10:29:25 pm
Economic Affairs Secretary Shaktikanta Das today said India is trying to increase exports to China with a view to bridge the trade deficit, which touched $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,” said Das during an interaction with Chinese media delegation here. The trade between India and China in 2016 was $71 billion. India had a very wide trade deficit of $46 billion. In a series of tweets, the Finance Ministry also said India intends to increase exports to China and was working on that.
“For sustainable trade relationship, balance of trade is required between India and China,” the Ministry said, adding India would like to have greater market access to China.
Das stressed that there has to be “evenness and balancing” regarding the huge trade deficit with China so the two countries are able to move together. He said further that India’s policy is to have a “very good” economic partnership with China.
Referring to the new methodology of GDP calculation, Das said that earlier it was based on factor cost and now it is based on market price which is more internationally aligned.
Change in method of GDP calculation was under consideration for long and it was not a sudden decision, he said.
The Secretary also said that Chinese President during his visit to India in 2014 had announced $20 billion investment in India and it has started flowing in.
“We are looking for more inflow of investment from China.
Our embassy (there) is working closely with China for this,” Das said.
Meanwhile, Das also inaugurating the IMF’s South Asia Regional Training and Technical Assistance Center (SARTTAC) here today.
He said IMF’s South Asia Training and Technical Assistance Center (SARTTAC) is a pioneering initiative of the Government of India and the International Monetary Fund (IMF).
This is the IMF’s first Fully Integrated Capacity Development Center, which brings together under one roof the two building blocks of capacity development -— training and technical assistance.
SARTTAC is a collaborative venture between the IMF, the member countries, and development partners.
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