NEW DELHI: The main commodities wherein India has a business deficit with China come with digital elements, pc {hardware}, telecom tools, business equipment for dairy and natural chemical compounds, Parliament used to be knowledgeable on Wednesday.
Some of the services and products wherein India has a business deficit with China come with building, telecommunication, pc and data services and products, upkeep and service services and products, Minister of State for Commerce and Industry Anupriya Patel mentioned in a written respond to the Lok Sabha.
She mentioned the commodities displaying business deficit with China constituted 86.7 in keeping with cent of the full business in 2014-15, which has decreased to 83.8 in keeping with cent of the full business with China in 2021-22.
“Similarly, the services exhibiting trade deficit with China contributed 30.3 per cent to the total trade with China in 2014, which has reduced to 18.5 per cent in 2019,” she mentioned.
Responding to a separate query, she mentioned India has signed 13 Free Trade Agreements (FTAs) with its buying and selling companions together with the UAE, 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 completion of negotiations, as agreements are entered into when negotiating countries are satisfied with the outcome,” she added.
In every other answer, Patel mentioned that as introduced in Union Budget 2022-23, Special Economic Zones Act, 2005 will likely be changed with a brand new regulation that may allow states to change into companions in Development of Enterprise and Service Hubs.
“The legislation is currently under inter-ministerial consultations,” she mentioned.
Responding to a query on startups, Minister of State for Commerce and Industry Som Parkash mentioned that because the release of Startup India initiative in 2016, Department for Promotion of Industry and Internal Trade (DPIIT) has known 92,683 entities as startups as on February 28.
As at February-end this yr, Rs 537.25 crore has been authorized to 148 incubators by way of the Experts Advisory Committee below Startup India Seed Fund Scheme and Rs 235.25 crore has been dispensed to the authorized incubators.
Some of the services and products wherein India has a business deficit with China come with building, telecommunication, pc and data services and products, upkeep and service services and products, Minister of State for Commerce and Industry Anupriya Patel mentioned in a written respond to the Lok Sabha.
She mentioned the commodities displaying business deficit with China constituted 86.7 in keeping with cent of the full business in 2014-15, which has decreased to 83.8 in keeping with cent of the full business with China in 2021-22.
“Similarly, the services exhibiting trade deficit with China contributed 30.3 per cent to the total trade with China in 2014, which has reduced to 18.5 per cent in 2019,” she mentioned.
Responding to a separate query, she mentioned India has signed 13 Free Trade Agreements (FTAs) with its buying and selling companions together with the UAE, 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 completion of negotiations, as agreements are entered into when negotiating countries are satisfied with the outcome,” she added.
In every other answer, Patel mentioned that as introduced in Union Budget 2022-23, Special Economic Zones Act, 2005 will likely be changed with a brand new regulation that may allow states to change into companions in Development of Enterprise and Service Hubs.
“The legislation is currently under inter-ministerial consultations,” she mentioned.
Responding to a query on startups, Minister of State for Commerce and Industry Som Parkash mentioned that because the release of Startup India initiative in 2016, Department for Promotion of Industry and Internal Trade (DPIIT) has known 92,683 entities as startups as on February 28.
As at February-end this yr, Rs 537.25 crore has been authorized to 148 incubators by way of the Experts Advisory Committee below Startup India Seed Fund Scheme and Rs 235.25 crore has been dispensed to the authorized incubators.