India not to join global chorus on yuan appreciation TOKYO: India, mindful of its import dependency, is unlikely to join the global rhetoric urging China to let its currency appreciate. India depends on cheap project imports from China to jump-start its big-ticket infrastructure projects, especially in power. Disclosing this ahead of a meeting scheduled between Prime Minister Manmohan Singh and Chinese premier Wen Jiabao, a source said the currency issue would have to be dealt within the larger context of growth. â€œWe donâ€™t want drastic solutions that would imperil growth,â€ he said. On his part, Mr Singh is expected to put pressure on the Chinese to lower import barriers, both tariff and non-tariff, especially with respect to pharmaceutical imports from India. China is Indiaâ€™s biggest trading partner and enjoys a huge trade surplus, implying that a cheaper yuan will lower Indiaâ€™s import bill. PM to raise Chinaâ€™s role â€œOur imports are now cheaper. We depend on them for large buys in sectors like power,â€ said the source. Unlike India, the US economy needs a demand thrust, which it hopes to manage by getting a favourable shift in the yuan-dollar parity that would make US exports more competitive.