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India moves to set up industrial parks with China

NEW DELHI:  India has moved a step closer to establishing industrial parks with China, the law minister said on Wednesday, as New Delhi looks to rebalance a $40 billion trade deficit with its northern neighbour. Ravi Shankar Prasad told reporters that India's cabinet had approved in principle a memorandum of understanding between the two countries for setting up the parks. The details of the agreement would be available only after the memorandum was signed, Prasad said, but the expectation is that China will invest in…