Anupriya Singh Patel File | Photo Credit: PTI
Major items in which India has a trade deficit with China include electronic components, computer hardware, telecommunication equipment, industrial machinery for dairy and organic chemicals, Parliament was informed on April 5.
India has a trade deficit with China in some services, including construction, telecommunications, computer and information services, maintenance and repair services, Minister of State for Commerce and Industry Anupriya Patel said in a written reply in the Lok Sabha.
He said that items showing trade deficit with China accounted for 86.7% of total trade in 2014-15, which has come down to 83.8% of total trade with China in 2021-22.
“Similarly, services showing trade deficit with China contributed 30.3% of the total trade with China in 2014, which has come down to 18.5% in 2019,” it said. Responding to a separate question, he said India has signed 13 free trade agreements (FTAs) with its trading partners, including the United Arab Emirates, 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 the completion of negotiations, as agreements are made when the negotiating countries are satisfied with the outcome “
In another reply, Ms. Patel said that as announced in the Union Budget 2022-23, the Special Economic Zones Act, 2005 will be replaced by a new law that will enable states to become partners in the development of enterprise and service hubs Will make “The legislation is currently under inter-ministerial consultation,” she said.
Responding to a question on start-ups, Minister of State for Commerce and Industry Som Prakash said that since the launch of the Startup India initiative in 2016, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognized 92,683 entities as start-ups. is recognized in On 28 February.
Till the end of February this year, Rs 537.25 crore has been approved by the Expert Advisory Committee to 148 incubators under Startup India Seed Fund Scheme and Rs 235.25 crore has been disbursed to the approved incubators.