PM suggests 8 areas where India, China can cooperate One, we need to pay much greater attention to the expansion and modernisation of our infrastructure. India plans to invest one trillion U.S. dollars in infrastructure in the next five years and we would welcome China’s expertise and investment in this sector. Two, we need to increase our agricultural productivity in order to reduce rural-urban disparities in income and manage efficiently the process of mass urbanisation, which is a phenomenon common to both our countries. This will mean paying particular attention to the issues of water and waste management. China has significant experience of urbanisation and our national planners, city administrators and entrepreneurs should share experiences and seek solutions in dealing with the physical, social, environmental and human challenges of mobility and urbanisation. Three, we want to draw upon China’s strength in the manufacturing sector, which is vital for providing mass employment. India, for its part, has strength in services, innovation and certain manufacturing sectors, which can benefit China. A linked challenge for India is in skill development, where we can learn from each other’s experience. Four, as large and growing consumers of energy, we should intensify cooperation on the shared challenges of energy security, including joint development of renewable energy resources, as well as working jointly with third countries. Five, growing population, shrinking land, improving consumption levels and price volatility make food security a key policy priority for us. India has launched a major legislation-based food security programme. Our two countries should pool our resources and expertise in this area. More broadly, in an uncertain global environment, India and China can work together to impart stability to the global economy and sustain growth in our two economies by leveraging our resources, large unsaturated demand, economies of scale and our growing income levels. Six, in an integrated world, economic success requires a favourable external environment. In recent decades, India and China have been among the greatest beneficiaries of an open global economy; a rule-based and open international trade regime; and free flow of finance, information and technology. However, the emerging global environment may not remain as favourable as it has been in recent decades. We should therefore work together to make the international economic environment more conducive to our development efforts. Please allow me to elaborate this point. After the prolonged global economic crisis of 2008, we face a fundamentally different future for the world economy. We are in the midst of a significant and ongoing transformation where both political and economic power is being diffused. A multi-polar world is emerging but its contours are not yet clear. Protectionist sentiments in the West have increased and the global trading regime may become fragmented by regional arrangements among major countries. India and China have a vital stake in preserving an open, integrated and stable global trade regime even as we work together to foster regional economic integration. We should also intensify our efforts to support trade and investment and reduce risks in emerging markets. The BRICS Development Bank and the Contingency Reserve Arrangement are examples of such cooperative efforts. Our cooperation will also help accelerate reforms in global financial institutions. Seven, while we welcome and celebrate the rapid economic growth of our economies, we must also confront the challenges of climate change and focus greater attention on the safeguarding of our fragile environment. Both India and China are heirs to civilisations that value Nature and have practiced sustainability through the ages. However, as we meet the basic needs of our people, we also face the danger of unfair burdens being imposed on us for mitigating climate change. We should ensure that the international response to climate change does not constrain our growth and that it continues to be based on the principle of common but differentiated responsibilities. Eight, India and China have also benefited from a largely stable global order and peaceful periphery. But we cannot take a stable political and security environment in our region and beyond for granted. If we look carefully, many of our challenges are common. Terrorism, extremism and radicalism emanating from our neighbourhood affect both of us directly and can create instability across Asia. Similarly, maritime security in the Pacific and Indian Oceans is vital for our economies just as peace and stability in West Asia and Gulf are essential for our energy security.
Posted on: Thu, 24 Oct 2013 10:24:42 +0000
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