New Delhi, Nov 1 (IANS) External Affairs Minister S. M. Krishna Monday said he hoped China will provide a level playing field to India in pharmaceuticals and IT sector.

"There is a capacity for enormous growth... Hope China will provide India a level playing field in pharmaceuticals and IT sector where we face barriers," said Krishna.

He was speaking at the inaugural session of "China and India: 60 years and beyond" organised by the foreign affairs department of the Congress party.

Krishna said that the relationship between India and China is grossly under-realised and that both the countries face similar challenges, including globalisation, food and energy security, inclusive growth and skill development.

The two countries should examine if they were making best use of opportunities, he said.

"Are we making best of opportunities? Can we not be more sensitive to each other's concerns," Krishna asked.

He said the hotline between the two prime ministers will be operational soon.

Quoting Prime Minister Manmohan Singh, Krishna said the world is large enough to accommodate the aspirations of the two countries.

Calling for sustained engagement along with high degree of mutual sensitivity, the minister said: "The trade between the two countries will touch the target of $60 billion. The economic engagement needs to go beyond trade."

Bilateral trade volumes crossed $30.37 billion in the first half of the 2010-11 calendar year.

The conference was also addressed by Zhou Yu Kong, member of the standing committee of the politburo of the Communist Party of China Central Committee, and Karan Singh, chairman of the foreign affairs department of the Congress.

Senior leaders from the Congress and the Communist party of China will also address the day-long seminar.