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NT Bureau
Chennai, Oct 1:
 

M M Murugappan, chairman, Carborundum Universal Ltd, is flanked by S C Bhargava, executive vice president, L&T Ltd, during a seminar on 'Engaging China' on the occasion of Chamber day in Chennai.

        China's trade with India had grown from $3 billion in 2002 to $26 billion in 2006, observed M M Murugappan, chairman, Carborundum Universal Ltd.

        Speaking at seminar on 'Engaging China' on the occasion of Chamber day, he said though trade figures show an encouraging trend, India is still remains an importer despite the fact that it has good governance, better infrastructure facilities besides commercially driven companies to compete China in all aspects.

        In his address Arun Bewoor, president, Madras Chamber of Commerce and Industry said that to develop business in India, it should either accept Chinese technology or take Indian enterprise to China and use the infrastructure there.

        The organised industry in India accounts for only 10 per cent of the labour force and the rest comes under unorganised sector in smaller businesses and trade, he said adding India must compete and cooperate with China on an international scale, which has emerged as a major player in areas of productivity, adaptability and skill.

        S C Bhargava, executive vice president, L&T said that in 2030 China would contribute about 30 per cent of the world GDP and added that China had made rapid progress in all fields and is miles ahead of India in infrastructure and development. The construction cost is 40 per cent lesser in China due to the abundant availablity of cheap labour and raw materials.

        As a drawback, Bhargava pointed out that the intellectual property rights are loosely controlled in China and therefore there are possibilities of look alike products to be high in the country. 'Certain changes are to be brought in the labour laws in China by 2008,' he said.

        Stating that knowing English language would help for better earnings in China, he said that English speaking Chinese people earned three times higher than that of the non-speaking counterparts.

        Other speakers at the seminar dwelt upon the Indian experience in manufacturing and servicing sector and on doing business in China.