China to invest $100 billion in India

After Japan’s promise of investing $35 billion over the next five years, the China has said it will invest $100 billion (Rs 6 lakh crore) in India for the next 5 years.

Chinese president Xi Jinping is coming to India next week with a delegation of over 100 business heads. He will meet Prime Minister Narendra Modi  and both countries are set to announce some big financial ventures.

China has already shown their willingness to invest $50 billion in roads, ports and the river-linking projects.

“On a conservative estimate, I can say that we will commit investments of over $100 billion or thrice the investments committed by Japan during our President Xi Jinping’s visit next week. These will be made in setting up of industrial parks, modernization of railways, highways, ports, power generation, distribution and transmission, automobiles, manufacturing, food processing and textile industries,” China’s consul-general in Mumbai, Quoting, Liu Youfa, told Times of India.

China will invest $7 billion in industrial parks in Pune and Gandhinagar.

“The Pune industrial park — spread across 5 square kilometres with an investment of $5 billion — will be for automobiles that will employ one lakh people and manufacture 1.5 lakh speciality vehicles. The Gujarat industrial park will be for manufacturing power equipment. China is also working on setting up an industrial park in Tamil Nadu for the textile sector and another one for the food processing sector,” said Liu.

China has also shown interest in invest in Railways after Modi government clears 100% FDI in railways infrastructure projects.

“The first bullet train project was given to Japan, which was a government decision. We are optimistic of building India’s next bullet train in India. Besides bullet trains, we want to connect the cities with high-speed trains with speed of 160 km/hr. We will also look at modernization projects of Indian Railways across the country,” said Liu.

“India has over 600 reservoirs that need dredging work to provide better irrigation systems for the farmers. We are looking to work on that. Besides, our major thrust will be on construction of roads and ports,” said Liu.

(With input from Times of India)

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