India and China have signed an MoU for setting up Chinese Industrial parks in India.
The agreement between India and China was signed on 30 June, 2014. The MoUs have been signed to facilitate more Chinese investment in India, in order to compensate the ballooning trade deficit in the country.
With this MoU, the government of India will make a strong pitch for greater access for Indian goods and services into China and will also seek big investments in the Chinese industrial parks.
About four industrial parks are expected to be set up by China in different states of India. Also, India has asked China to open its market for IT and Pharmaceuticals in the country.