India's rapidly growing economy is ready for take-off, Commerce and Industry Minister Kamal Nath said.
NEW YORK: India's rapidly growing economy is ready for take-off, Commerce and Industry Minister Kamal Nath said.
"We are in the departure lounge with boarding pass in hand," Kamal Nath said. He was speaking on Friday on the future of India's trade and industry at a luncheon organised by the India-America Chamber of Commerce (IACC) and the Indian consulate at the Harvard Club.
He is visiting New York in connection with the multi-event 'Incredible India@60' festival in the city.
Speaking to 50 members of IACC as well as the press, the minister highlighted the key drivers responsible for India's 9 percent economic growth, "The country has become a manufacturing hub, it is the largest producer of entrepreneurs, and we are a youthful nation comfortable with globalisation".
Comparing India's success story with China's, he said, "Our growth is not state-driven, it is private-sector driven. The government's role is of a facilitator only. After the reforms, it is now focusing on governance."
As India engages with global economy, Kamal Nath said, "We will play by the rules. We are committed to WTO."
He added that India is a producer of intellectual property rights, not user.
The minister pointed out that India is a big importer too - its non-oil imports in FY 2006-07 stood at $124 billion.
The reforms still face two major challenges, Kamal Nath said. "One is turning subsistence agriculture into commerce. The other is inclusive growth-ensuring that the growth touches all sections of society," he concluded.
The minister was introduced by Rajiv Khanna, president, IACC, and Consul General Neelam Deo.
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