Concerned about the widening trade deficit with China which is expected to surpass $40 billion this financial year, the Commerce ministry of India is preparing an export strategy identifying specific products to boost outbound shipments to the neighbouring country.
“The trade deficit with China is increasing at an alarming rate. Till now it has touched $32 billion and may cross $40 billion by end of this fiscal,” said an official.
In order to bridge this gap, the Ministry is formulating the strategy under which it has identified specific products including textiles, auto components, pharmaceuticals, buffalo meat, marine products, rice and other agri produces.
Exports of these products would help in bridging the deficit by around $10 billion in a year.