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Ashwani Kumar relays India's growth story at UBS Forum

Jun '07
Shri Ashwani Kumar, Minister of State for Industry, has said that India's economic growth story was unique in as much as overall economic growth had been achieved in the country consistent with the Government's commitment to social justice and inclusive agenda.

The Minister while delivering the keynote address at a session on “Rapid emergence of India and China as global economic powers and their impact on the developed world” at an UBS CEO Forum in Florence, Italy, yesterday said that growth in the emerging economies has positively impacted on consolidation of the developed economies themselves by spurring demand and supply, ensuring economies of scale, increasing the global labour force and ensuring a coherence in the global development agenda.

The Minister stated that the embrace of the market economies by India and China will make possible emergence of an international treaty based regime towards a fully integrated global economy.

He appealed to the investors to consider the resilience of India's democratic institutions as the nation's strength and rejected the debate between democracy and freedom as spurious exercise.

Infrastructure development in India requires an estimated expenditure of 550 billion dollars in the medium term, and at least one third of the resources can be obtained through FDI.

“The manufacturing sector in India was likely to grow by 12 percent per annum by 2010 which could generate additional 1.6 million jobs every year."

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