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India, emerging power house - Nath at 11th Int Economic Forum

Jun '07
Shri Kamal Nath, Union Minister of Commerce & Industry, while addressing the Plenary Session on “The Emerging Power of Emerging Markets” at the 11th International Economic Forum at St. Petersburg highlighted the change in the global trade that has come about as a result of the rise of the emerging markets and pointed out India as an example of the growing clout of these countries in global economy.

“What better example to cite the growing clout of emerging economies than India, which has recorded the fastest GDP growth in 18 years, with the economy growing 9.4 per cent in 2006-07. While India continues to alter the coordinates of global trade, the country itself has seen robust growth in manufacturing with the sector growing 12.3 per cent in 2006-07 as compared to 9.1 per cent in the previous year... Very few countries in the world match these growth rates”, he said.

The Minister recorded the strides India has made in attracting foreign direct investment (FDI) and said that an estimated growth rate of 9% over the next five years starting 2007-08 would need an investment rate of 35.1% of GDP.

He also informed about the huge investment potential in the upcoming knowledge process outsourcing (KPO) sector. “We are likely to capture around 15% of the over US $ 54 billion KPO industry worldwide by 2010”, he said.

Shri Nath also emphasised the opportunities presented by India's farm and food processing sector which has been identified as apriority area and also spoke of India's strength in the gems & jewellery and automobile and auto-components sector.

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