India expects big ticket investments from China

India’s trade with China which is heavily tilted in Beijing’s favour may see some course correction when Chinese President Xi Jinping announces some investment plans on his visit here next week.

“We are expecting a lot of big-time announcements when the President is here. We are expecting Chinese to come and invest in India,” Commerce Minister Nirmala Sitharaman told reporters.

Sitharaman, who has visited Beijing twice since taking office, has held extensive talks with Chinese officials on investment plans with emphasis on ‘Make in India’.
The minister also discussed with Chinese officials measures to address India's concerns on trade deficit.

India had a trade deficit of $35 billion with China in 2013-14. Trade between the two neighbours touched close to $66 billion. India has time and again sought greater market access for Indian goods and services in the Chinese market. India is asking China to open up its market for Indian IT and pharmaceuticals companies besides stepping up investments to bridge the trade gap.

China has admitted that the bilateral trade left a lot be desired. “We are ready to import from India,” Chinese Foreign Minister Wang Yi had said on his visit to India soon after the new government took over in New Delhi. 

China, which sees strong winds of change after the Modi government took over, has plans to invest in industrial parks in India and Xi is expected to announce the locations for such parks.