Increasing market access to China is vital for quantum jump in India's exports, Federation of Indian Export Organisations (FIEO), President M Rafeeque Ahmed Monday said in a statement.
Welcoming the statement of the Prime Minister of India on the economic cooperation with China, M Rafeeque Ahmed, President, FIEO said that increasing market access to China is vital for quantum jump in India's exports as the country is endeavoring to change export profile to China from raw material to finished and value added products.
Market access is restricted for Pharmaceutical, Agro Products and IT Services which should be looked into by China so as to provide impetus to India's exports in these areas.
While bilateral trade of USD 100 billion by 2015 is within the realm of reality, I would like India's exports to touch USD 40 billion by 2015 so as to bring the trade deficit within a narrow zone.
FIEO Chief welcomed the proposal of Chinese investment in manufacturing sector which will be a win-win situation for both the countries as China is losing its competitive edge in manufacturing, which will further accentuate with growing population, while India will be benefited with technology and work culture and the move will help in increasing manufacturing share in country's GDP, a basic objective of new Manufacturing Policy.
Linking of India's North East Region with Bangladesh, Myanmar, China and other South East Asian Regions will strengthen India's Economic Linkage with these countries and further cement our look East Policy, said Ahmed.