'There is opportunity called India, seize it'

Wednesday, 08 December 2004, 20:30 IST
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NEW DELHI: Counted among the fastest-growing economies in the world, India sought to tell the global community at a three-day business event it is in their interest to engage better with a nation that has an appetite for $150 billion in investment over the next 10 years. The 20th India Economic Summit, that ended here Tuesday evening, provided a platform for India to present its new economic dynamics that is driving the billion-strong nation towards sustained growth of seven-eight percent over the next 10 years. "Some of you may have found it difficult to find hotel rooms in Delhi. Take comfort from the fact that even Tom Hanks could not find a room for himself in Belgium," Finance Minister P. Chidambaram told some 700 delegates from 33 countries at the event organised by the Davos-based World Economic Forum. "For the first time, there is universal acceptance that India is riding a wave of sustained economic growth," he said. "There is an opportunity called India and there is opportunity for you to invest. Seize it." Dressed in a dark business suit, Chidambaram went straight into business and announced the members of the newly formed Investment Commission, introducing them as the government's voice and face to engage with the global investing community. The delegates seemed impressed. "Things have moved ahead in India. From a country apologising for not implementing reforms, India has transformed into a more confident nation," said Georges Ugeux, chairman of Galileo Advisory. National Security Advisor J.N. Dixit, an adviser on strategic affairs to the prime minister, carried the message forward by assuring the delegates that India - which is playing an increasing role on the world stage - is in safe hands since economists of repute were occupying three key positions. His reference was to Prime Minister Manmohan Singh, Finance Minister Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia. "There is no country of our diversity that can practise governance the way we have done. Despite political volatilities, we have institutional stability - low interest rates, high forex reserves, strong currency and a sound regulatory mechanism." Speakers like World Trade Organisation Director General Supachai Panitchpakdi and US Undersecretary for Treasury John B. Taylor said in clear terms they looked to India leveraging its influence in global arena. "Never before, in 20 years, have we registered so much interest to join us in India," said Colette Mathur, India director for the World Economic Forum. "This clearly indicates that the country has become a priority destination for partnership and investment," she told the summit, co-hosted by the Confederation of Indian Industry. This was also the common theme among the speakers, including Sri Lankan Foreign Minister Lakshman Kadirgamar, Bahrain Trade Minister Ali Saleh A. Al Saleh, Pakistan Investment Minister Abdul Hafeez Shaikh and Bangladesh Finance Minister Saifur Rahman. The focus for this year's event - India: The New Dynamics - also set the tone for deliberations, which focussed more on the country's external investment, trade, and strategic relations, than on the micro, inward-looking issues. China Council for Promotion of International Trade deputy director Han Meiqing said China would use India as a base for manufacturing components for electronic goods. Even the Bangladesh finance minister said his country was willing to consider a gas pipeline from Myanmar to India transiting its territory - an issue that has been hanging fire for sometime. As a delegate commented: "Twenty years ago, the forum could not enlist even one minister as a speaker. Now, what have you! The scenario has obviously changed."
Source: IANS
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