Gujarat among 5 states on China’s investment radar
Gujarat and Uttar Pradesh are among the five states that have offered to host Chinese industrial parks that India hopes would help bridge the growing trade deficit between the two countries.delhi Updated: Oct 19, 2013 02:12 IST
Gujarat and Uttar Pradesh are among the five states that have offered to host Chinese industrial parks that India hopes would help bridge the growing trade deficit between the two countries. Foreign secretary Sujatha Singh said India had asked China to bring in more investment into India to reduce the trade deficit.
The two countries have targeted a bilateral trade of $100 billion by 2015 but a huge adverse trade imbalance has been viewed with concern in New Delhi. Since the Chinese side has reasoned that the government could not force their companies to buy from India, New Delhi has been pushing for higher foreign direct investment into the country, particularly in the infrastructure sector.
Singh said China was interested in setting up industrial parks in India. A delegation of the Chinese government is in India holding discussions with the commerce ministry and looking for possible locations to set up industrial parks.
The foreign secretary said the government had asked the delegation to travel to the states that have evinced interest in the parks such as Uttar Pradesh, Gujarat, Karnataka, Tamil Nadu and Andhra Pradesh.
Sources, however, indicated that New Delhi would have to address a sense of uncertainty within the bureaucracy towards Chinese investment that had even rendered the automatic routes cumbersome.