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India seeks China's cooperation in infrastructure sector
Oct 25, 2013

In order to boost the economic growth rate back to 7-8 per cent and to negate the effect of prolonged global economic crisis, Prime Minister Manmohan Singh seeks China’s cooperation in eight critical areas like infrastructure, energy, manufacturing and agriculture.

He projected India’s strong economic scenario, particularly revealing that investment and saving rates, are strong. Further stated that India have taken measures to enhance foreign investment flows, speed up implementation of major projects, boost infrastructure development, strengthen our financial markets, reform our tax system and make business environment more attractive.

Both the nations are playing as a strong power in global economics - China in the manufacturing sector and India in the services sector.

Further India's reliance on China over the past decade has increased with two-way trade growing to USD 66 billion last year, accounting for about 8.3 per cent of the country's total commerce, up from about 4.9 per cent a decade ago. Its trade deficit with China increased to USD 39 billion last year, the biggest gap with any of its trading partners. 

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