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India can benefit from Chinese experience; to grow to $10 trillion by 2030: Arvind Panagariya

NITI Aayog CEO Amitabh Kant was of the view that India must encourage Chinese enterprises to invest in India.

, ET Bureau|
Last Updated: Oct 07, 2016, 01.06 PM IST
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What China has achieved in the last 15 years, India has the potential accomplish it in the next 15 years, said Arvind Panagariya.
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NEW DELHI: Government’s think-tank NITI Aayog is betting big time on China as it attempts to help Indian economy to grow five-fold to $10 trillion by 2030 as compared to a little over $2 trillion now.

“What China has achieved in the last 15 years, India has the potential accomplish it in the next 15 years and there are great prospects of India reaching $8-10 trillion,” NITI Aayog vice chairman Arvind Panagariya said. Panagariya was speaking at the India China Investment Conclave organised by industry body Ficci on Friday.

According to Panagariya, there are several potential areas of cooperation between the two countries. “India can benefit from Chinese experience in manufacturing, urbanistaion and creation of enough high productive jobs in the country,” he said.

Panagariya was of the view that India’s bilateral trade and investment ties with China have expanded significantly in recent years but there is a need to address the long pending issue of trade imbalance between the two countries.

“Though China’s exports to India far exceeds its imports from India, by and large India has kept its market open. Political sustainability requires a solution to address the imbalance in trade, however,” Panagariya added.

A high-level Chinese delegation led by Xu Shaoshi, chairman of the National Development and Reform Commission of China, is on a tow-day visit to India as part of the Stategic Economic Dialogue between the two countries. “China and India are power houses of Asia and the world. There is a need to have more consensus of cooperation in this region,” Shaoshi said.

NITI Aayog CEO Amitabh Kant was of the view that India must encourage Chinese enterprises to invest in India. “Time has come that we have investments by China in India to make in India,” he added.

Commenting on the burgeoning trdae deficit of $53 billion between the two countries, tilted towards China, industry chamber Ficci said that this provides immense opportunity for China to play a constructive role to rebalance the bilateral trade.

“Investment is the key to rebalance bilateral trade, and therefore, FICCI would like to propose a partnership with NDRC to set up a task force to identify potential projects in Indian states for Chinese companies and the possibilities of Indian companies to invest in Chinese Provinces,” Jyostna Suri, immediate past president of Ficci said.

According to Suri, FICCI has proposed a joint China-India SMEs GVC Initiative in collaboration with NITI Aayog, FICCI and NDRC besides proposing to set up a forum that will help India realize the Sustainable Development Goals by identifying and facilitating bankable projects in energy, infrastructure and other sectors.

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