After deciding to sign the Additional Protocol with the International Atomic Energy Agency (IAEA), the Government has sought to pluck another low-hanging fruit at the international level by approving the signing of an MoU with the Chinese for setting up industrial parks here.
Briefing reporters after the Cabinet meeting, Law and Justice and Telecom Minister Ravi Shankar Prasad said that details would be disclosed after the MoU is signed with China.
The subject will be discussed in greater depth by Vice President Hamid Ansari who leaves on Thursday for Beijing to meet his Chinese counterpart, said officials.
The trajectory of discussions has led to the Chinese agreeing to allow India to set up industrial parks there as well but officials said this is a futuristic proposal and could take a couple of years to materialise.
On the other hand, Beijing’s proposal has been in the works since Chinese Premier Li Keqiang visited India in May last year.
Then Prime Minister Manmohan Singh took up the proposal during his visit to Beijing in October last year and agreed with the Chinese leadership that inward investments would be the best way to bridge the widening trade deficit from India’s point of view.
While the Cabinet approval is for one industrial park or zone where several Chinese units will be located, the understanding is that the number may go up to four, said officials.
The subject will be discussed in greater depth by Vice-President Hamid Ansari and his Chinese counterpart in Beijing