New Delhi, June 25: The cabinet today gave in-principle approval to a memorandum of understanding (MoU) between India and China for setting up industrial parks in the country.
The details of the agreement will be available only after the MoU is signed, law and telecom minister Ravi Shankar Prasad said. Chinese investment proposals had been subject to intense scrutiny by security agencies and often shelved or rejected.
According to sources, the MoU could see China setting up industrial parks in at least one and a maximum of three of the four states — Uttar Pradesh, Haryana, Maharashtra and Andhra Pradesh. The industrial parks are part of China’s efforts to invest heavily in India to address the trade imbalance, which has touched about $30 billion.