Opening of Economies
India may open economy for China but also cautious about it, says Sitharaman
This story was originally published at 19:17 IST on 26 July 2025
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--Sitharaman: China, India interested in bilateral opening of econ
--Sitharaman: May open econ for China, but also cautious about it
--CONTEXT: Sitharaman speaking at book launch event in New Delhi
NEW DELHI – India and China both are interested in getting more access to each other's economy and New Delhi may allow this for Beijing but cautiously, Finance Minister Nirmala Sitharaman said Saturday. The minister's statement suggests a change in stance of the Indian government, which has been very reserved towards China since 2020 in the aftermath of the Galwan Valley conflict.
There are now calls..."we need more access and we need to have a lot more interaction and possibly opening some windows," Sitharaman said describing the relationship between New Delhi and Beijing. "It's not just from our side, even Chinese have been approaching through the MEA (Ministry of External Affairs)."
"There is some kind of beginning (in India-China cooperation). As to how far it will go? That is something we'll have to wait and see," Sitharaman said. "It might help the economy but a sense of caution has to be there." Describing the latest conversations between India and China, Sitharaman said she wouldn't call them "negotiations" yet. "They are not negotiations yet, from what I see... We are setting the table as of now," Sitharaman said.
New Delhi and Beijing have also been having conversations over import of rare earth magnets from China. The Chinese government has restricted the import of critical minerals, which are key input for several industries, including the auto sector. China controls over 90% of rare earth magnet processing and 70% of global production. End
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Reported by Krity Ambey
Edited by Vandana Hingorani
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