India's trade deficit with China mounts to USD 31.42 billion

The mounting trade deficit was the main topic of conversation during the visits of Chinese Premier Li Keqiang to India and Prime Minister Manmohan Singh's visit here last year during which China promised to address India's concerns by opening up to Indian IT and pharmaceuticals.  

China also proposed to step up its investments in India by establishing Chinese investment parks.  

Chinese officials have visited several Indian states in this regard and the final decision was expected to be announced after the general elections in India this year.

Indian exports to China were expected to improve following the MOUs signed during Li's visit to facilitate India's exports of oilmeal, pharmaceuticals, marine products and buffalo meat.