Benefits & challenges in participating in Belt and Road for India
BUSINESS
By Huang Yichang

2017-05-12 16:24 GMT+8

What has the Belt and Road Initiative ever done for you?The Belt & Road initiative is being touted as the world's most ambitious economic integration project ever undertaken. India hasn't yet decided whether it will participate. 
India's main bone of contention is the Pakistan-China corridor which passes through areas that India stakes a claim to. Experts believe further high-level dialogue should resolve the issue, and that security concerns shouldn't obstruct economic and social development in the region.
India's issue is with the China-Pakistan Corridor that passes through Pakistan-occupied Kashmir. However, economist Ajit Ranade says that whilst this may be a legitimate concern, India cannot let it get in the way of regional development.
China is the world's largest tourism source market. Yet not even one in 200 Chinese visits India. Experts say tourism will pick up if infrastructure improves, and that can be a product of the Belt and Road initiative.There are also other potential growth points, such as pharmaceuticals and IT services. Over the past few years, we have seen a significant increase in Chinese foreign direct investment in India. But the trade deficit is still a concern. More open regional markets will also help Indian exports, and really boost Prime Minister Narenda Modi's “Made in India” initiative.
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