Commerce minister says that india dependent on imports

Commerce minister says that India Dependent on Imports

Commerce and industry minister Anand Sharma on Wednesday informed Parliament that historically there has been trade deficit in India as the country is dependent on imports for important commodities like crude oil, edible oils and fertilisers.

Replying to supplementaries in Rajya Sabha, Mr Sharma said the increasing trade deficit, which touched $117 billion in the first eight months of 2011-12, is due to increasing prices of imported commodities like crude oil.

“The prices of petroleum, fertilisers, gold, edible oil, gems and jewellery have increased. Their demand has also increased. These lead to a higher value of imports,” the minister said.

Source: deccanchronicle.com