New Delhi, Oct. 30 -- India's trade deficit is likely to persist as long as the country remains dependent on oil imports, although rising exports of value-added petroleum products are helping narrow the gap, K. Rangarajan, Vice-Chancellor of the Indian Institute of Foreign Trade (IIFT), said on Friday.

"Trade deficit will continue to be there till the time we have more and more dependence on oil. It cannot be reduced, but it is getting somewhat reduced because of those value addition," Rangarajan told ANI in an exclusive interview.

Explaining the factors behind India's trade deficit, he said the country's dependence on imported oil remained a structural challenge.

However, India has emerged as an important destination for refining and ...