Time has come to have investments by China in India to Make in India, says Amitabh Kant

NITI Aayog, which was earlier known as Planning Commission, says China will help the Indian economy to grow five-fold to $10 trillion by 2030.

"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," said NITI Aayog Vice Chairman Arvind Panagariya at the India China Investment Conclave.

Panagariya said there were various areas of common interest between India and China and there is a possibility that India can achieve what China already has under its umbrella.

"India can benefit from Chinese experience in manufacturing, urbanistaion and creation of enough high productive jobs in the country.Though China's exports to India far exceeds its imports from India, by and large India has kept its markopen. Political sustainability requires a solution to address the imbalance in trade, however," he added.

A high-level Chinese delegation led by Xu Shaoshi, chairman of the National Development and Reform Commission of China, is on a two-day visit to India as a feature of the Stategic Economic Dialog between the two nations. . "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 believes India must encourage Chinese enterprises to invest in the country. "Time has come that we have investments by China in India to make in India," he added.

Remarking on the expanding trdae shortfall of $53 billion between the two nations, tilted towards China, industry chamber Ficci said this gives massive chance to China to assume a helpful part 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.
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(image:reuters)