India, emerging power house - Nath at 11th Int Economic Forum
11 Jun '07
3 min read
Further, quoting a McKinsey study, he informed that the Indian pharmaceutical industry is projected to grow to US $ 25 billion by 2010.
On the issue of the retail revolution, the Minister informed that organised retailing in India is expected to grow at the rate of 37% in 2007 and 42% in 2008.
This is also offering opportunities in real estate sector, he stated. Shri Kamal Nath emphasised the need for “inclusive development” and said the biggest challenge before the emerging economies is to ensure that growth and development are more evenly spread.
Some of the facts regarding the emerging markets highlighted by Shri Kamal Nath during his address are: • The share of emerging markets in global merchandise exports has more than doubled between 1970 and 2005. From 12.3% share of global exports, emerging markets now account for 28.8% of global exports.
The Asian emerging markets raced from a mere 5.8% share of global exports in 1970 to 19.6% in 2005.
• The share of emerging markets in global merchandise imports has doubled between 1970 and 2005. From 13.6% share of global imports, emerging markets now account for 25.6% of global imports.
The Asian emerging markets have seen their share go up from a mere 6.6% share of global imports in 1970 to 17.3% in 2005.
• In 1970, the emerging market economies accounted for 13.5% of the global FDI inflows, this proportion increased to 31.7% in 2005.
Particularly notable is the performance of the Asian emerging economies whose share in global FDI inflows quadrupled from 4.1% in 1970 to 18.4% in 2005.