Prime Minister Manmohan Singh asked the domestic industry to look at China and to learn to both compete and cooperate even as India Inc sought his intervention for early removal of trade and non-trade barriers to reverse the adverse trade deficit which touched a record $8.6 billion last year.
Urging Indian business to think big, the Prime Minister asked the industry leaders to study China and to identify opportunities for business and greater engagement, stressing that their was enough space in the world for both countries to continue to grow. At a time when there are concerns about a global economic slowdown, China and India can sustain global growth through their own development, Singh said. Singh observed that a large part of the thinking in India about China is shaped by western views of China, and that there is need for greater investment in India in a better understanding of the processes of change in China. CII President Sunil Bharti Mittal said the industry leaders raised the issue of certain trade-related barriers faced by sectors like pharmaceutical industry on issues like generic product registration in China. The business leaders told Singh that they had overcome fears about Chinese imports but there were still areas of concern like very low-priced products from China which were creating problems for Indian industry. The Indian industry''s concerns come against the backdrop of the burgeoning trade surplus to the tune of $9 billion in China''s favour in the bilateral trade which has touched $38.6 billion in 2007, just short of the target of $40 billion by 2010.
Urging Indian business to think big, the Prime Minister asked the industry leaders to study China and to identify opportunities for business and greater engagement, stressing that their was enough space in the world for both countries to continue to grow. At a time when there are concerns about a global economic slowdown, China and India can sustain global growth through their own development, Singh said. Singh observed that a large part of the thinking in India about China is shaped by western views of China, and that there is need for greater investment in India in a better understanding of the processes of change in China. CII President Sunil Bharti Mittal said the industry leaders raised the issue of certain trade-related barriers faced by sectors like pharmaceutical industry on issues like generic product registration in China. The business leaders told Singh that they had overcome fears about Chinese imports but there were still areas of concern like very low-priced products from China which were creating problems for Indian industry. The Indian industry''s concerns come against the backdrop of the burgeoning trade surplus to the tune of $9 billion in China''s favour in the bilateral trade which has touched $38.6 billion in 2007, just short of the target of $40 billion by 2010.
No comments:
Post a Comment