India follows a multi-pronged strategy to promote trade in services, says Patel
The Indian-China trade totalled US$86.40 billion in 2020-21 compared to US$87.07 billion in 2018-19 and US$81.87 billion in 2019-20, the Minister of State in the Ministry of Commerce and Industry, Anupriya Patel, said in a written reply in the Rajya Sabha on 4 Feb 2022.
Comparatively, the Indian shipments to China rose to US$21.19 billion in 2020-21 from US$13.33 billion in 2016-17.
The Government has made sustained efforts to achieve a more balanced trade with China, including bilateral engagements to address the non-tariff barriers on Indian exports to China, she said.
The Government has also taken measures in form of trade remedies (Anti-dumping, countervailing duty etc.) against unfair trade practices and formulated technical regulations and also issued quality control orders to check substandard imports.
Efforts have also been made to source critical supplies from alternate sources and sensitize the concerned ministries/departments to ramp up domestic capacities.
The Government has also launched schemes such as Production Linked Incentive Schemes (PLIs) to promote domestic manufacturing capacities in critical sectors such as Key Starting Materials(KSMs)/Drug Intermediates(DIs), Active Pharmaceutical Ingredients(APIs), domestic manufacturing of Medical devices, and for Pharmaceuticals apart from electronic components & mobiles, white goods (ACs and LEDs), Specialty Steel, Food Processing industry, High efficiency Solar PV modules, Drones and Drone Components etc.
These schemes will promote domestic manufacturing capacities and attract investment and reduce dependency on imports from China.
India follows a multi-pronged strategy to promote trade in services, which involves negotiating meaningful market access through multilateral, regional and bilateral trade agreements, trade promotion through participation in and organization of international fairs/exhibitions and addressing domestic sectoral challenges and difficulties which are identified through periodic consultations with the stakeholders, said the Minister.
Moreover, efforts are made to engage with the nodal Ministries/Departments to pursue a domestic reform agenda to make the services sector competitive globally, added Patel. fiinews.com
