India should aim to become developed by 2020: Advani

Wednesday, 18 September 2002, 07:00 Hrs
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Deputy Prime Minister L. K. Advani Tuesday said India should resolve to be among the developed nations by 2020 by focusing on knowledge-based industries and stepping up research activities.

NEW DELHI: "Let us resolve to be make India a developed nation by 2020. This should be our national dream and mission," said Advani, inaugurating the second India Chem 2002, an exhibition-cum-conference.

It has been organised jointly by the Federation of Indian Chambers of Commerce and Industry, chemical industry bodies and the federal and state governments of Gujarat and Maharashtra.

A total of 79 foreign companies from 13 countries are participating in the five-day event. Thirty-three companies represent Germany, the lead foreign partner, and 16 firms have come from the U.S.

An India-Latin America summit is being held concurrently to focus on issues to boost availability of quality and affordable medicines to developing countries.

"Chemicals, petrochemicals and pharmaceuticals are part of the knowledge-based industry in which India is emerging as one of the global powers. One of our dreams is to make India an international research and development hub," said Advani.

Towards achieving this goal, India has set up a 1.5-billion fund to promote research in the country.

"This is only a starting point and is more in the nature of an indication of the importance the government attaches to research and development."

The country's $30 billion chemical, petrochemical and pharmaceuticals industries together constitute 11.5 percent of its export basket.

Developed nations like the U.S., Japan, Britain, France, Germany, South Korea, the Netherlands and Belgium are its markets.

During 2001-02, India's chemical, petrochemical, pharmaceutical and drugs exports netted $5 billion. The exhibition strives to showcase India's capability and potential in the sector.

With several global majors participating in the event, the organizers are hopeful that good business deals and joint ventures will materialize there.

Source: IANS

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