“Sectors such as IT, drugs and pharma, and media and entertainment pose several challenges for Indian companies. To contain the rising trade deficit between India and China, CII suggests urgent measures to reduce non-tariff barriers in these sectors,” stressed Chandrajit Banerjee, Director General, CII.
In a memorandum submitted to the Government, CII pointed out although bilateral trade rose at a Compound Annual Growth Rate (CAGR) of 15 per cent since 2007-08, the trade deficit has been burgeoning in an unsustainable manner. In 2014-15, the deficit touched $48 billion.
According to CII, India is emerging as one of China’s fastest growing markets and trade deficit is likely to widen further.
