Commerce and industry minister Anand Sharma today said India’s widening trade deficit with China is “not healthy” for the growth of the economy.
“India’s trade deficit with China is not healthy at all for the growth of our economy…Our (India and China) models of growth have been different. We are not an economy, unfortunately, where manufacturing exports are the main drivers of growth. Whereas for China, it is manufacturing-led exports growth which is why your trade account is healthy,” Sharma said in reply to a query posed by a Chinese industry representative during the 4th Asia Business Summit organised by CII here today.
He also urged Chinese industry to invest in the upcoming 13 National Manufacturing and Investment Zones (NMIZs) which are being set up as part of the National Manufacturing Policy. He said India is seeking Chinese investments particularly in building of integral townships.
Sharma also said that India is looking to increase exports of IT services and pharmaceuticals into China, which he will strongly pitch during his next visit to Beijing in the next few months.
He also added that India and China are also engaged in enhancing bilateral trade and investment under the RCEP (Regional Comprehensive Economic Partnership) framework.
