New Delhi: Gurjit Singh, former Indian ambassador to Germany, on Saturday (May 7), said that even though China invests more than India in African nations, it is India that does it better among the two.
Speaking at Zee Media’s Learning XP platform, Singh said that India focuses more on private sector investments, shielding the nations from a possible debt trap.
Singh also highlighted that India offers a freer market than China. However, he was also quick to point out that China perhaps provides a more efficient market to companies planning to invest there, in comparison to India.
Further, he noted that despite all the differences, China still remains the largest trade partner for India, with the US in second place. Notably, in the first quarter of 2022, India’s bilateral trade with China soared 15% year-on-year to a record $31.96 billion, according to the data released by China.
However, India’s imports jumped 28% from the first quarter of 2021 to $27.69 billion. On the other hand, the exports slumped 26% to $4.87 billion, signaling an increased dependence on Chinese goods. Also Read: NPS investors can now set up SIPs in post office, here’s how to do it in simple steps online
On India’s role in South Asia, Singh said that India should carry the weight of neighboring nations, barring Pakistan. However, he pointed out that the government shouldn’t go overboard when it comes to helping out nations in economic crises. “If we need to counter China, we have to bear the financial costs,” he added. Also Read: LIC IPO: Here’s what latest GMP and subscription status suggests on day 4 of bidding
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