India's trade deficit with China jumps to $53 bn in 2015-16.

India's trade deficit with China has swelled to USD 52.68 billion in 2015-16, from USD 48.48 billion in the previous fiscal.

"Increasing trade deficit with China can be attributed to the relative demand for imports in India and China for each other's goods," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha today.

She said efforts are on to increase overall exports by diversifying the trade basket, with emphasis on manufactured goods, services, resolution of market access issues and other non-tariff barriers.

The major imports from China include telecom instruments, computer hardware and peripherals, fertiliser, electronic component, project goods, chemicals and drug intermediaries.

Exports to China are ore, slag or ash, iron and steel, tin, raw hides, leather, plastics and cotton.

The bilateral trade between the countries stood at USD 70.73 billion in 2015-16, down from USD 72.34 billion in the previous fiscal.

Replying to a separate query on tea gardens, she said the Tea Board has received 15 bid applications in response to various expressions of interest in relation to management of seven gardens.

In January, the central government has authorised the board to take steps to take over management or control of seven gardens, including Birpara Tea Estate, Garganda Tea Estate and Lankapara Tea Estate.

Source : moneycontrol.com​