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Piyush Goyal’s remarks on trade deficit with China come at a time when the government is doubling down on its Make in India and Atmanirbhar Bharat initiatives
While geopolitical tensions between the two countries remain sensitive, the minister’s tone signals a pragmatic approach: balancing diplomacy with firm domestic industrial goals. (File photo)
Union Commerce Minister Piyush Goyal has acknowledged India’s growing trade deficit with China while reaffirming the government’s intent to secure greater access for Indian goods and services in the Chinese market.
Responding to concerns over the widening trade imbalance, in an exclusive interview with Network18 Group Editor-in-Chief Rahul Joshi, Goyal noted that Prime Minister Narendra Modi has directly raised the issue with his Chinese counterpart in past bilateral engagements, signalling that the matter remains a top priority in India’s economic diplomacy.
“We would be looking to work together to see how we can expand opportunities for Indian businesses in China,” Goyal said. “We also want to ensure that the Make in India programme and Swadeshi manufacturing get a boost in the years to come.”
India’s trade deficit with China reached $85 billion in 2024-25, a figure that continues to worry policymakers and industry leaders alike. While India imports a vast array of goods from China—ranging from electronics and machinery to bulk drugs and active pharmaceutical ingredients—its exports remain limited, often restricted to raw materials or low-value products.
The imbalance not only underscores India’s dependence on Chinese supply chains but also highlights the structural challenges faced by Indian manufacturers in accessing China’s tightly regulated markets.
Goyal’s remarks come at a time when the government is doubling down on its Make in India and Atmanirbhar Bharat initiatives to strengthen domestic industry and reduce import reliance. The push is not just economic but strategic—aimed at building self-reliance in critical sectors such as electronics, defence, and pharmaceuticals.
While geopolitical tensions between the two countries remain sensitive, the minister’s tone signals a pragmatic approach: balancing diplomacy with firm domestic industrial goals. India will continue to press China for reciprocal market access, but without compromising its core goal of empowering local industries.
As Goyal put it, collaboration is possible, but only on terms that support India’s long-term economic sovereignty.
India and China have taken steps to improve bilateral relations in recent months.
Prime Minister Narendra Modi highlighted this in his China visit for the recent SCO summit during a meeting with President Xi Jinping, where the PM said that India is committed to taking forward its ties with China based on mutual trust, respect, and sensitivity.
The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk d…Read More
The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk d… Read More
September 04, 2025, 22:46 IST
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