India economic growth now second fastest: Kamal Nath

Friday, 26 January 2007, 06:00 Hrs
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Davos: India today is the second fastest growing economy in the world thanks to a robust manufacturing sector and studies suggest the country can grow at 10 percent annually, Commerce Minister Kamal Nath said on Friday.

"Manufacturing has been consistently registering a growth of 12 percent for the past three years," Kamal Nath told a session on India's Reforms Agenda at the annual meeting of the World Economic Forum (WEF).

"India is also now a manufacturing hub, especially in automobiles, components, consumer electronics, drugs and pharmaceuticals, biotechnology, chemicals and petrochemicals, agro and food-processing and fashion and textiles."

The minister said the intrinsic value of India's macroeconomic fundamentals, its institutional capabilities and solid corporate returns, were being recognized by international investors, as reflected in the record flow of foreign capital.

"Today our confidence stems from the pace with which the economy has opened up in the past few years," the minister told the packed session that listened with rapt attention.

"Be it in policy reforms or infrastructure development, the government, both at the central and the state levels, has been working in tandem to make India the most attractive investment destination in the world."

He said there were some hurdles, but added these were necessary, even if they had slowed down the economy. "Getting round these hurdles helps shape and mould the reform agenda to the unique needs of our country."
Source: IANS
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