Talking about sustainable trade relationship and balance of trade between India and China, Economic Affairs Secretary Shaktikanta Das on Monday said that the government is working towards increasing exports to China to balance a wide trade deficit and formulate a sustainable trade relationship.
"We have trade deficit with China, and we would like to increase our exports to China," said Shaktikanta Das at meeting with the Chinese media delegation in New Delhi here today.
"Our commerce and trade dept is working with China to increase our exports there. So that there is parity in trade with China," he added while saying that for sustainable trade relationship, balance of trade is required between India and China.
He further said that the total trade between India and China in 2016 was USD 71 billion, and India had a very wide trade deficit of USD 46 billion.
"We are focusing on transferring subsidies directly to the bank account of the beneficiary through DBT," he added.
"Last time when I was in China, they showed a lot of interest in our Goods and Services Tax (GST)," added Das while discussing about GST, and how will it improve business environment and GDP growth.
"We have simplified many procedures to increase 'Ease of Doing Business' along with making sure that clearances are given very quickly," he said.
Adding to this he said that now in India, you can start a new company in just two days by getting online permissions.
Chinese President during his visit to India in 2104, announced USD 20 billion investment in India, which has started to flow now.
"We are looking for more inflow of investment from China. Our embassy is working closely with China for this," he added.
"India is large, has diverse groups and is a democracy. So people are free to voice their opinions," he said.
The Economic Affairs Secretary further said that India is very strong in IT software and Pharma.
"Our pharma companies export to US, which has one of best quality standards. The pharma products can meet standards prescribed by China," added Das.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app