World is focussing on India's future: GE chief

Thursday, 24 May 2007, 07:00 Hrs
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New Delhi: India has become the cynosure of global economy and the world is increasingly focussing on its future, says Scott Bayman, president and chief executive of GE India, a wholly owned subsidiary of the US-based conglomerate General Electric.

"It is India's time and India's future is coming into focus," Bayman said at a conference, "Inclusive Growth: Challenges for Corporate India", organised by the Confederation of Indian Industry (CII) in the capital Thursday.

He said India has advantage over China in terms of efficient use of capital, presence of a well-regulated financial system and a well-entrenched private sector and the presence of world-class executives.

He added that sectors such as telecom and civil aviation have significantly contributed to India's growth story.

The telecom revolution in India has been one of the most important aspects of India's economic growth, leading to the addition of 18 million fixed-line subscribers and 17 million mobile connections during 2000-2005.

Quoting a Grant Thorton study, Bayman said Indian industry has been witness to 72 international takeovers amounting to $24 billion.

He also noted that an effective public-private partnership approach would enable the revamp of the Indian airports that will further accelerate the growth of its civil aviation industry.
Source: IANS
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