India's role in global economy growing
By siliconindia   |   Thursday, 05 September 2002, 19:30 IST
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WASHINGTON: India's role in the global economy, both as market of immense potential as well as an interactive market for imports and sourcing technology, is growing by the day, ambassador-at-large for NRIs and PIOs Bhishma K Agnihotri has said. During 2000-2001, only 19 out of 150 countries have grown more rapidly than India, he said, citing World Bank statistics, report news agencies. India's GDPand per capita income have grown in a steady, though slower pace, he said, adding population growth has been slowed down and per capita income accelerated. This has made India an attractive market to foreign institutional investors, Agnihotri said in a recent speech on 'India's Role in the Global Economy' at the Business School of the University of Memphis. Demands especially for consumer products, services, agriculture and industrial products are growing every year at an average rate of 8 to 10 per cent per annum, he said. Growing demand has ensured profitability for major domestic and international firms, which has seen presence of all major brand name producers in the Indian market, he said. Agnihotri emphasized that almost all the major foreign banks and financial institutions are now operational in India. India's self-sufficiency in food grain production through public and mixed sector experiment till 1970s has broad-based its industrial strength and diversified the product lines, he said

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