India and China to strengthen bilateral ties using mutually beneficial trade route
In the last decade post the floodgates were opened by the then Prime Minister Narasimha Rao and Finance Minister Manmohan Singh for globalisation, the US based, Europe Based and Australia based companies had set their operations in India. In the later years we saw some growth from the Latin American countries and South Africa too. However India and China have always remained competitors for industrial goods and the service sector.
However it looks like now China and India, the two major countries in the Indian Subcontinent will work in tandem. The commerce Minister Nirmala Sitharaman mentioned that she will make a strong pitch for greater access for Indian goods and services into China and seek big ticket investments including for Chinese industrial parks in India.
Sitharaman is a part of the Indian delegation accompanying Vice President Hamid Ansari and they will meet the Chinese counterpart Gao Hucheng during the visit and will invite Chinese investments into India. NaMo government is looked at with hope as Chinese current investments in India stand at USD 1.1 billion; most of them are made in Gujarat. The entire country wants a share of this Chinese pie.
India is asking China to open its market for Indian IT, pharmaceuticals, gems, jewellery, grey cotton fabric etc. which are globally respected. India is urging China to step up investments to compensate the trade deficit which averages around USD 35 billion per year.
Source- The Financial Express
Chinese current investments in India, Chinese industrial parks in India, commerce Minister Nirmala Sitharaman, globalisation, industrial goods and the service sector, Vice President Hamid Ansari
