Indian businessmen should venture into world markets: Sinha
Tuesday, 26 November 2002, 08:00 Hrs
NEW DELHI: External Affairs Minister Yashwant Sinha asked Indian businessmen to venture forth to capture a larger share of the international market and not remain a prisoner of the domestic market. "With $66 billion of foreign exchange, low inflation, near capital account convertibility and skilled manpower, why aren't we going out?" wondered Sinha, a former finance minister, addressing the ongoing India Economic Summit here Monday. "India has a lot today to share with the world. Let's venture forth -- that is something that will completely change our outlook and our image abroad." Pointing to the example of China, he said Indian business should not allow itself to "become the prisoner of a huge internal market". The goals for the next decade, according to him, should be stability and harmony within the country and the promotion of development at the global level. In this context, he mentioned India's $100 million grant for Afghanistan, the $100 million credit for Sri Lanka, the writing off of a $2 million loan to Laos and a promise to the country of a fresh loan of $10 million. "The lion is looking outward in all directions," Sinha said, referring to the lion in India's national symbol.