Indian Markets Can Generate $3-Trillion Wealth In 10 Years: Jayant Sinha

"What we need from the world is energy, first, then it is technology. There also, we don't need all kinds of technology. We have proved with Mangalyaan that we are also very capable of some really good technology. The third thing that we do need is capital. So far, domestic capital is the most important driver of our growth.

"At the same time, we need huge capital from abroad, but as far as I can see, the world is awash in capital, but what they are getting is low returns. If we have energy, technology and capital, we are on the course to become a $5 trillion economy," he said.

On what India can do to the world, Sinha said, "If we look at stars of different kinds of industries, that only India can provide. What China did was kill many industries with what we call China price. On the other hand, if you look at India, it has done tremendous things for the IT industry.

"The kind of human capital we have in India is very important. We have seen that Indian pharma companies have been very competitive and we can see similar things in the medical device industry.

"We can also see very innovative developments and frugal thinking in roof-top solar systems and a lot of design and innovations are happening in that area. Automotive is another area and we have seen large automakers using India for their manufacturing activities.

"These are some areas where India can really give great things to the world. These are industries that need innovations, human capital and a frugal thinking. We are not going to replicate what China has done," he said.

"If in India we can get to 7-8 per cent growth and become a $5 trillion economy, then what we demonstrate to the world is that there is not just China model of development, but also an India model for development that is based on diversity, democracy and innovations.

"We can show people that you don't actually need authoritarian power to bring in development. I can tell you that the Prime Minister is very focused on this and he is very passionate about this India model," he added.