Domestic entrepreneurship helps to drive India's growth
25 Jan '08
2 min read
Shri Kamal Nath, Union Minister of Commerce and Industry, has stated that the economic reforms in India has been largely responsible for transforming India's private sector and the growth is being driven by many companies that were set up in the nineties.
New sectors such as IT and communications, and modernised old sectors such as the automobiles and pharmaceuticals are the new torchbearers, he added while addressing the Global Challengers Session at Davos.
The Minister observed that the increased openness has contributed significantly to the growing confidence of Indian firms and the scrapping of controls on expansion has allowed many Indian firms to aspire for global economies of scale for the first time.
Among others, the meeting was also attended by Mr. Rahul Bajaj and leading Global CEO's. During the course of interaction with the participants, Shri Kamal Nath stressed that Indian globalisation is synonymous with Indian entrepreneurship and the domestic entrepreneurship is the engine that is driving India's growth. Indian companies are seizing the opportunities presented by new technologies and a more open economy.
"Today, thanks to its innovative and entrepreneurial culture India is emerging as a hub for new software platforms, new technology development, engineering design and hi-end outsourcing", he added.
The Minister further referred to the process of globalisation in India that has also resulted in important shiftsin the mindsets and added that in the past, because of the restrictive economic environment, the top management in India tended to be in their comfort zones and steeped in their own cultures.
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