The two countries on Tuesday signed a landmark trade agreement that will set the stage for a global supply chain for Indian steel, making it easier for Indian consumers to buy Chinese-made goods.
India is India’s largest trading partner, and China is China’s second-largest.
They also have a long-standing partnership on defence.
India will invest $100 billion in its steel sector and the agreement will provide a boost to the nation’s steel industry, the two sides said in a joint statement.
The deal includes the creation of an Indian Steel Investment Fund, which will help India build up its domestic steel industry.
The fund will also help China establish a global market for its steel and other products.