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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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Indian Cities Mumbai, New Delhi and Bengaluru face Majority of Cyber Attacks

As the digital footprint of India increases through capital intensive projects, hackers are targeting data and large scale disruption like never before

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Cyber Attacks
Smart cities, financial services and transportation sectors lead the rankings in terms of Cyber Attacks. Pixabay

 There has been a 26 per cent increase in Cyber Attacks in India and Mumbai, New Delhi and Bengaluru together accounted for roughly 38 per cent of all attacks in the July-September period, a new report said on Wednesday.

The report prepared by Bengaluru-headquartered telecom solutions provider Subex identified over 3,500 modular malware samples in the country, registering a whopping 37 per cent increase.

Smart cities, financial services and transportation sectors lead the rankings in terms of cyber attacks, said the “State of Internet of Things (IoT) Security Report” for the third quarter (July-September period).

“As the digital footprint of India increases through capital intensive projects, hackers are targeting data and large scale disruption like never before,” said said Vinod Kumar, Managing Director and CEO, Subex.

“The increase in cyber attacks against the country and the strong geopolitical correlation indicate high levels of interest in targeting our critical infrastructure. Hackers are working to improve their ability to monetize cyber attacks,” he warned.

Malware of varying degrees of sophistication are being reported from a variety of deployments, including new projects surrounding renewable energy.

Most malware detected (36 per cent) could be traced to sources on the Dark Web while as much as 14 per cent of malware couldn’t be traced to a known source pointing to the arrival of new actors and malware shops on the scene,” the findings showed.

Cyber Attacks
There has been a 26 per cent increase in Cyber Attacks in India and Mumbai, New Delhi and Bengaluru together accounted for roughly 38 per cent of all attacks in the July-September period. Pixabay

The detection of malware connected with critical infrastructure projects has also registered an increase.

“This implies that hackers are targeting large scale disruption and are working to increase the cost associated with managing such projects as also negatively impact future investments in them,” the report added.

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Independent hackers are increasingly feeling the need to monetize cyber attacks as the unit cost of malware has risen in the last quarter. Further, it is becoming increasingly difficult to source high-grade malware from multiple sources due to various factors, the report added. (IANS)