Indian Prime Minister Narendra Modi won a pledge from Chinese President Xi Jinping to invest $20bn as the leaders sought to adjust a lopsided trade relationship and resolve a flare-up on their disputed border.
Leaders of the world’s two most populous countries yesterday announced a five-year plan in which China would invest $20bn to help reduce India’s largest trade deficit with any single country. China will also help set up industrial parks in the Indian states of Maharashtra and Gujarat, which Mr Modi ran before taking power in May.
“We agreed that our economic relations do not do justice to our potential,” Mr Modi said at a joint briefing with Mr Xi in New Delhi yesterday.
Mr Modi on Wednesday said he received assurances that China would take steps to address a worsening trade balance between the nations and improve market access for Indian companies.
This has been excerpted from a 19 September 2014 article by Kartikay Mehrotra and Unni Krishnan of Bloomberg and is available in its entirety at:
http://www.pressdisplay.com/pressdisplay/showarticle.aspx?article=55af5f16-a457-45fa-b199-8e7486e12bb8