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Trade deficit with China at $8 bn in April-May: Sitharaman

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Nirmala Sitharaman Spokesperson 11, Ashoka Road, New Delhi - 110001. New Delhi: India’s trade deficit with China touched $8 billion during April-May of this fiscal, while  the figure for 2014-15 has grown to $48.47 billion from $36.2 billion in 2013-14, parliament was told  on Friday.

“Increasing trade deficit with China can primarily be attributed to the fact that Chinese exports to  India rely strongly on manufactured items meeting the demand of fast expanding sectors like  telecom and power while India’s exports to China are characterised by primary products, raw  material and intermediates,” Commerce Minister Nirmala Sitharaman told the Lok Sabha in a  written reply.

She said the government has taken various measures to identify specific products having export  potential in order to boost exports and maintain balance of trade with India’s trade partners,  including China.

In view of continuous decline in exports over a half-year period, the government last month set up the Council for Trade Development and Promotion to be chaired by the union commerce minister and comprising state trade and commerce ministers and officials including 14 union secretaries including those of commerce, revenue, shipping, civil aviation, agriculture, food processing and economic affairs as members.

India’s merchandise exports declined further for the seventh straight month in June to $22.29 billion, 15.82 percent lower than the $26.48 billion worth shipped in the same month of last year.

Exports remained almost static compared to May’s figure of $22.34 billion, continuing the declining trend for the sixth straight month, caused by the global economic slowdown, fall in crude oil prices and rupee’s appreciation.

Replying to a separate question, Sitharaman said India has entered into 11 free trade agreements and five preferential trade agreements with other countries.

“India is negotiating FTAs and PTAs with some countries, including Israel and the EU (European Union),” she said.

(IANS)

 

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Xiaomi Aims 10,000 Retail Stores in India by 2019

Including all the four retail channels, Xiaomi currently has a total of about 6,000 retail stores in the country

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The complaint alleged that Xiaomi had used the patents without any license from Yulong.
Xiaomi to fight patent disput against Coolpad, wikimedia commons

Making a big push for offline sales in India, Chinese smartphone maker Xiaomi, which opened its 1,000th “Mi Store” in the country is on track to reach the target of having 10,000 retail stores by the end of this year, a top company official said on Wednesday.

Xiaomi India said it generated employment for over 2,000 people with the opening of 1,000 Mi Stores, which are spread across 19 states in the country.

“We have been the No. 1 smartphonebrand in India for nine consecutive quarters and our market share in online smartphone business in the country is over 50 per cent.

“The scope of growth in online market share is now limited. Therefore, we are focusing on expanding our offline presence in a big way,” Xiaomi India Managing Director Manu Kumar Jain told a select group of journalists here.

According to him, Xiaomi’s current market share in the offline smartphone business in India is 20 per cent.

“By the end of this year, we are hoping to have 50 per cent of our smartphone sales in the country from offline channels,” he added.

Xiaomi had primarily been an online brand since its inception and started its offline sales in India just two years ago.

Xiaomi
Xiaomi.

The company announced the opening of 500 Mi Stores in the country in November last year, saying that it was planning to open 5,000 such retail stores in the rural parts of the country by end of this year.

“Mi Stores” are similar to the bigger “Mi Home” stores currently operational in the metros and other big cities.

In addition to the 1,000th Mi Store launch, Xiaomi India also announced the launch of Mi Studios, the latest addition to its existing three retail channels.

Located currently in Bengalure and Mumbai, with an average size of 400-600 sq.ft, the new Mi Studios are an optimised version of Mi Homes, Xiaomi said, adding that it was working towards opening 200 Mi Studios by the end of this year.

Xiaomi, which surpassed Samsung to become the market leader in 2018 with 28.9 per cent share in the Indian smartphone market, also has over 5,000 Mi Preferred Partner (third-party) stores spread across over 50 cities.

Also Read- Indians Spending Over 10 Hours on Their Devices Daily, Adobe Survey Reveals

“We are learning from other other brands such as Samsung and Vivo in expanding our offline presence in the country,” Jain added.

Including all the four retail channels, Xiaomi currently has a total of about 6,000 retail stores in the country. (IANS)