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India second fastest growing economy of the world
27 Jan '07
1 min read
Thanks to a healthy manufacturing sector, India has emerged as the second fastest growing economy of the world and likely to record a growth of 10 percent annually, Commerce Minister Kamal Nath informed yesterday at a session on India's Reforms Agenda at the annual meeting of the World Economic Forum (WEF).
The manufacturing sector has been consistently maintaining a growth of 12 percent since last three years and has today become manufacturing hub, especially in automobiles, components, consumer electronics, drugs and pharmaceuticals, biotechnology, chemicals and petrochemicals, agro and food-processing and fashion and textiles sector, Kamal Nath said.
Record inflow of foreign capital is recognition of India's macroeconomic fundamentals, institutional capabilities and solid corporate returns, the Minister said.
Central as well as state Governments, either for policy reforms or infrastructure development, have pooled their resources to make India the most investment friendly destination in the world which in turn has resulted into opening up of the economy and boosted our confidence.
The manufacturing sector has been consistently maintaining a growth of 12 percent since last three years and has today become manufacturing hub, especially in automobiles, components, consumer electronics, drugs and pharmaceuticals, biotechnology, chemicals and petrochemicals, agro and food-processing and fashion and textiles sector, Kamal Nath said.
Record inflow of foreign capital is recognition of India's macroeconomic fundamentals, institutional capabilities and solid corporate returns, the Minister said.
Central as well as state Governments, either for policy reforms or infrastructure development, have pooled their resources to make India the most investment friendly destination in the world which in turn has resulted into opening up of the economy and boosted our confidence.
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