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3 steps to make India an economic power
By agencies
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Friday, 17 June 2005, 19:30 IST
NEW DELHI: Cautioning that India's status of 'significant global player' may vanish if opportunities are not grasped, Commerce Minister Kamal Nath on Friday outlined a three-pronged strategy, including designing specific instruments to turn the country into a world economic power.
"I think this newly-claimed status could easily vanish, and would remain more wishful thinking if we do not grasp the opportunities as we should. And if we want to move ahead, then we have to galvanize ourselves to extraordinary speed with no time to waste," Nath said.
Delivering his inaugural address at the first meeting of the reconstituted Board of Trade, Nath outlined three-pronged strategy beginning with thinking big and having the vision of a world economic power.
"If we want to be big, the first step is to think big. The next step is to define policies, determine strategies and design instruments to translate vision into practical and the final step is implementation," he said asking the Board to be critical and frank in highlighting bottlenecks.
Nath said the next five-year trade target of $500 billion will change the entire optics of India with all its economic indices undergoing change.