Investors See 'Mangalyaan Success' As India Growth Story Model

NEW YORK: As U.S. businessmen and investors await Prime Minister Narendra Modi's U.S. visit, the investor community and the industry leaders today said the success of 'Mangalyaan' goes on to prove India's growth story based on 'frugal innovations'.

Debating the investment scenario in the country during an India Investment Forum conference, a group of industry leaders from India said it was a vast and complex country but one that presented huge growth opportunities if right reform decisions got implemented in time.

They also expressed optimism that the new government, led by Modi, would fast-track the reform process and remove the red tape and other concerns that investors have about India.

"The Mars landing story signifies two things. One is that it proves the frugal innovation and indigenous innovation concept that is at the core of India growth story and then this mission has become successful after 30 years of efforts and that too at a cost much lower than the similar missions of NASA," Aditya Birla group's president and chief economist Ajit Ranade said.

With the success of its Mars Mission 'Mangalyaan', India became the first country to succeed in the very first attempt.

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