Anupriya Singh Patel. File
| Photo Credit: PTI
The main commodities in which India has a trade deficit with China embody electronic elements, laptop {hardware}, telecom devices, industrial equipment for dairy and natural chemical substances, Parliament was knowledgeable on April 5.
Some of the providers in which India has a trade deficit with China embody development, telecommunication, laptop and data providers, upkeep and restore providers, 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% of the whole trade in 2014-15, which has lowered to 83.8% of the whole trade with China in 2021-22.
“Similarly, the services exhibiting trade deficit with China contributed 30.3% to the total trade with China in 2014, which has reduced to 18.5% 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 currently negotiating FTAs with the United Kingdom, the European Union and Canada. However, it is difficult to predict the timeline for completion of negotiations, as agreements are entered into when negotiating countries are satisfied with the outcome,” she added.
In one other reply, Ms. Patel stated that as introduced in Union Budget 2022-23, Special Economic Zones Act, 2005 will likely be changed with a brand new laws that can allow States to turn out to be companions in Development of Enterprise and Service Hubs. “The legislation is currently under inter-Ministerial consultations,” she stated.
Replying to a query on start-ups, Minister of State for Commerce and Industry Som Parkash stated that for the reason that launch of Startup India initiative in 2016, Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 92,683 entities as start-ups as on February 28.
As at February-end this yr, ₹537.25 crore has been accepted to 148 incubators by the Experts Advisory Committee beneath Startup India Seed Fund Scheme and ₹235.25 crore has been disbursed to the accepted incubators.
