Niti Aayog Vice Chairman Rajiv Kumar and Development Research Centre of State Council President Li Wei exchanged views on world economic prospects and bilateral cooperation in the third dialogue between Niti Aayog and DRC of China on Tuesday. The third edition of dialogue between the two nations took place as per the Memorandum of Understanding (MoU) signed in May 2015, when Prime Minister Narendra Modi visited China.
The dialogue, held in the backdrop of global uncertainty and weak global growth, brought focus to India and China’s stake in the global economy, as the two nations grow and develop rapidly. Delegates of the two countries exchanged views on economic policies and measures to address the challenges for attaining sustainable growth. They shared the experience and knowledge in fields of Electric mobility, Clean energy, Higher education and Special Economic Zones (SEZs).
The Niti Aayog Vice Chairman said that India can move ahead of China in terms of growth rate if the two countries continue to cooperate and the course of Indian economy follows that of China. “It is imperative that the two countries work together and help each other to grow further,” he said at the dialogue between the NITI Aayog and Development Research Centre (DRC) of China.
He also expressed hopes for Chinese investment moving to India, based on the fact that there has been an increase of over 14 per cent in wages per year for the past few years in China, which he further said will generate employment.
“We in India are at the cusp of many new changes. We have to adopt completely different growth. Maybe we may not generate as many jobs as China did but India wants to work with China to fill the spaces it is vacating in industry,” news agency PTI quoted him as saying.
He brought to the fore the issue of China opening up space for others countries in areas like light engineering and light manufacturing, as it moves ahead in technology and knowledge. “While you are vacating those spaces, India would do well to invite Chinese investment so that those spaces we can fill and generate employment, while at the same time taking all the innovative steps in India to ensure that it is not left behind in the fourth industrial revolution which is currently underway,” Kumar said.