However, "the divergence between our exports and imports is perceived as not just as a market outcome. The Chinese market is not yet offering fair opportunities to Indian companies," said the Ambassador.

He said Indian industrialists wanted to see reviews of import duties on several categories of equipment and to be included in tendering processes, which would mean modifying local supplier provisions in a number of sectors.

In the area of IT, major Indian companies like TCS, WIPRO, INFOSYS, Satyam and HCL would like to be given greater opportunities to sell to state-owned enterprises.

He also called for a faster approval process for the products of Indian pharmaceutical companies and faster sanitary approval for Indian fruit and vegetables.

The ambassador said he is "cautiously optimistic" about the Indian economy with Q3 growth figures exceeding expectations at 7.9 percent.

He said India seeking greater cooperation with China on tourism, air connectivity, educational and academic contacts.

"India was the first non-socialist country to establish diplomatic ties with the People's Republic of China. We have a tradition of working together. We want to remind the new generations in China of that tradition. It is only in this way that we can successfully implement a strategy of growing together," said the Ambassador.

Since taking office in August, Ambassador Jaishankar has visited Shanghai, Guangzhou, Shenzhen, Changchun and Chengdu, to establish relations at the provincial level and to seek business opportunities for Indian companies. In 2010, when the two countries mark the 60th anniversary of establishing diplomatic relations, the Indian Embassy will organize business-related events in a number of cities of China.