Global economy facing tirade of challenges says RBI Governor Shaktikanta Das
Governor Das discussed the multifaceted challenges confronting the global economy, emphasizing the intricate balance required in policymaking amidst these complexities.
The government is working towards increasing exports to China to balance a wide trade deficit and formulate a sustainable trade relationship between the two nations, Economic Affairs Secretary Shaktikanta Das said on Monday.
"Our Commerce and Trade Department is working with China to increase our exports there so that there is parity in trade with China," Das said in a tweet.
Das held a meeting with the Chinese media delegation here.
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"For sustainable trade relationship, balance of trade is required between India and China. There has to be evenness and balancing regarding our huge trade deficit… So we are able to move together," he added.
Total trade between India and China in 2016 was $71 billion. India had a very wide trade deficit of $46 billion in this.
"We are very strong in IT software and pharma. We would like to export these to China along with fruits, fish and vegetables," he said.
"We would like to have greater market access to China. So far as government is concerned, our economic policy is to have a very good economic partnership with China," he added.
"We are looking for more inflow of investment from China. Our embassy is working closely with China for this. We value our economic relations with China," he added.
Chinese President Xi Jinping during his visit to India in 2104, had announced $20 billion investment in India, which has started flowing now.
"Now in India, you can start a new company in just two days by getting online permissions. We have simplified many procedures to increase ease of doing business. Clearances are given very quickly," Das added.
The Economic Affairs Secretary further said that Goods and Services Tax (GST) will improve business environment and GDP growth.
"Last time when I was in China, they showed a lot of interest in our GST," he said.
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