External Affairs Minister S Jaishankar on Thursday blamed Indian corporates for not developing proper sourcing agreements. Expressing concern over the trade imbalance with China, he said that businesses are also responsible for the trade imbalance. Speaking at the Asia Economic Dialogue, S Jaishankar said that the government is doing its job by bringing policies like emphasizing self-reliant India.
Trade imbalance a serious issue: External Affairs Minister
Describing the challenge posed by the trade imbalance with China as very serious, External Affairs Minister Jaishankar said that the responsibility of balancing trade lies not only with the government, but equally with businesses.
“We did not get the kind of support we should have got from Indian corporates in terms of integration, vendor supply, components, and parts, ingredients, and intermediates,” he said.
Reducing manufacturing is not good for the country: S Jaishankar
Let us tell you that many people including former Governor of Reserve Bank of India Raghuram Rajan have asked India to focus on services. On this issue, S Jaishankar warned that those who talk of reducing manufacturing are harming India's strategic future.
India's trade deficit with China crosses $100 billion
Explain that the trade between India and China has increased to an all-time high of $135.98 billion in 2022. Apart from this, India's trade deficit with China has crossed $100 billion.
India-China trade is set to grow by 8.4 percent to US$ 135.98 billion in 2022, according to data released by China's customs department. Last year this figure was 125 billion dollars.
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