Development of India is worth emulating
Wednesday, 02 February 2011, 12:40 Hrs
Washington: The Indian model of growth, based largely on local consumption and innovation and enterprise, which has unleashed the true potential of its billion plus people in the last two decades is worth emulating globally, a top Obama Administration official has said.
"The India model is really one based largely on local consumption and innovation and enterprise because of the changes and the reforms that have taken place in the Indian economy over the last ten years and twenty years, that were started by the current Prime Minister when he was finance minister in 1990," said Assistant Secretary of State for South and Central Asia Robert Blake.
"India had a terrible balance of payments crisis that they faced, so they had to change and they had to move away from their own import substituting socialist model towards a much more open system.