India’s trade deficit with China has declined from USD 53.57 billion in 2018-19 to USD 44.02 billion in 2020-21, Minister of State for Commerce and Industry Anupriya Patel said on Friday.
Exports to China has increased to USD 21.19 billion in 2020-21 from USD 16.61 billion in 2019-20, Patel said in a written reply to the Rajya Sabha. Exports were USD 16.75 billion in 2018-19.
Imports from China during 2018-19, 2019-20 and 2020-21 were worth USD 70.32 billion, USD 65.26 billion and USD 65.21 billion, respectively.
In a separate reply, she said the decline in India’s export of automobiles, including cars, is largely due to global economic slowdown and supply chain disruptions due to Covid-19 pandemic.
“With a view to create a conducive manufacturing ecosystem and to enable integration with global supply chains, the Union Cabinet on 11th November, 2020 has given approval to introduce the Production-Linked Incentive (PLI) Scheme for Automobiles and Auto components, with a financial outlay of Rs 57,042 crore over a five-year period, to make the Indian Automotive Industry more competitive,” she added.