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Prime Minister Narendra Modi to discuss bulging trade deficit with China

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By NewsGram Staff Writer

Prime Minister Narendra Modi during his visit to Beijing next month, will take up the issue regarding  India’s bulging trade deficit with the Chinese leaders.

Modi is expected to propose measures to narrow the gap that had disproportionately skewed towards the neighbor.

According to the estimations of the Commerce Department, the trade deficit between India and China has widened up to $40 billion in 2014-15 and is expected to reach up to $60 billion in the next five years, if the issue went unnoticed.

The imports from China had increased up to 18.18 per cent to $55.77 billion, while exports had declined up to 18.88 per cent to $11.01 billion, reported the Commerce Department.

“The Prime Minister will make a strong pitch to reduce the deficit in case there is a future for India-China trade relations, this issue needs to be sorted out’,” said the Commerce secretary Rajeev Kher.

“The approach requires a three-pronged strategy; seeking effective market access from China in specific areas of India’s strength, channeling Chinese investment into Indian manufacturing and jointly investing in third world countries,” added the Commerce secretary during the three-day session of Global Exhibition in Services.

Kher also said that, “China has expressed interest in setting up industrial parks in the country. It has to be ensured that these fructify on time, because the more investments get delayed, the wider the trade deficit will get.”

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Biocon to Make Three Generic Drugs for Hard-Selling in China

The 10-year agreement envisages Biocon to supply the products to CMS for selling in mainland China

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Biocon, Drugs, China
We have signed an agreement with the subsidiary of China Medical System Holdings Ltd (CMS) to develop, manufacture and supply three generic drugs in the Chinese market. Pixabay

Biotechnology major Biocon would make three generic drugs for hard-selling in China through partnership, the company said on Saturday.

“We have signed an agreement with the subsidiary of China Medical System Holdings Ltd (CMS) to develop, manufacture and supply three generic drugs in the Chinese market,” the city-based firm said in a statement.

The 10-year agreement envisages Biocon to supply the products to CMS for selling in mainland China.

“The foray into China is a part of our long-term generic formulations strategy to expand our business in the Chinese pharmaceuticals market,” said the statement.

Biocon, Drugs, China
Biotechnology major Biocon would make three generic drugs for hard-selling in China through partnership, the company said on Saturday. Pixabay

As the world’s second largest pharma market, the addressable market size for the three drugs is about $800 million (Rs 5,680 crore), according to IQVIA, a US multinational firm that serves health IT and clinical research.

“The collaboration with CMS will allow us to take our US approved generic formulations to patients in China with an early entry,” said Biocon Chief Executive Arun Chandavarkar in the statement.

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The company, however, did not specify the diseases which the three generic drugs will aim to treat. (IANS)