India has trade deficit with China in electronic components, computer hardware

NEW DELHI: The main commodities in which India has a trade deficit with China embody electronic elements, computer hardware, telecom devices, industrial equipment for dairy and natural chemical substances, Parliament was knowledgeable on Wednesday.Some of the companies in which India has a trade deficit with China embody development, telecommunication, computer and data companies, upkeep and restore companies, Minister of State for Commerce and Industry Anupriya Patel stated in a written reply to the Lok Sabha.She stated the commodities exhibiting trade deficit with China constituted 86.7 per cent of the whole trade in 2014-15, which has decreased to 83.8 per cent of the whole trade with China in 2021-22.”Similarly, the companies exhibiting trade deficit with China contributed 30.3 per cent to the whole trade with China in 2014, which has decreased to 18.5 per cent in 2019,” she stated.Replying to a separate query, she stated India has signed 13 Free Trade Agreements (FTAs) with its buying and selling companions together with the UAE, Australia and Singapore.”India is at present negotiating FTAs with the United Kingdom, the European Union and Canada. However, it’s tough to foretell the timeline for completion of negotiations, as agreements are entered into when negotiating nations are happy with the end result,” she added.In one other reply, Patel stated that as introduced in Union Budget 2022-23, Special Economic Zones Act, 2005 can be changed with a brand new laws that can allow states to turn into companions in Development of Enterprise and Service Hubs.”The laws is at present beneath inter-ministerial consultations,” she stated.Replying to a query on startups, Minister of State for Commerce and Industry Som Parkash stated that because the launch of Startup India initiative in 2016, Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 92,683 entities as startups as on February 28.As at February-end this yr, Rs 537.25 crore has been permitted to 148 incubators by the Experts Advisory Committee beneath Startup India Seed Fund Scheme and Rs 235.25 crore has been disbursed to the permitted incubators.

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