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India's trade deficit with China rises to $ 53 billion in FY16

India’s trade deficit with China increased to $52.69 billion in 2015-16 from $48.48 billion in the previous financial year, Parliament was informed on Monday.
●    During the April-September period of 2016-17, the deficit is at $25.22 billion, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.
●    She added that efforts are being made to increase overall exports by diversifying the trade basket with emphasis on manufactured goods, services, resolution of market access issues and other non-tariff barriers.
●    India and China are WTO members, any restrictions imposed on trade needs to be WTO compliant.
●    No blanket ban can be imposed on China or any other member country under the WTO framework, she added.
●    India’s import of bulk drugs from China stood at $1.63 billion in 2015-16, which constitutes 64 per cent of India’s total bulk drug imports. 
●    Overall, India had imported such drugs worth $2.5 billion last fiscal.

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