Enhancing Economic Growth Through Global Partnerships
10 February 2005
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| Dr Mohan Kaul, Director-General of the CBC |
Dr Mohan Kaul, Director-General of the CBC, said the Government of India needs investment in every sector to continue fuelling the country's economic growth and urged business executives at a CBC meeting in London, UK, on 2 February 2005 to look to India for business prospects. During his speech, Dr Kaul urged the British business community to participate in India's Trade and Investment Forum, which offers an opportunity to invest in the world's fourth largest economy.
He stated: "The investment forum comes after India's 2005 budget is announced, and it will provide an opportunity to learn more about the impact on investment, infrastructure, manufacturing and services."
The Government of India is also interested in attracting investments and partnerships in other sectors such as engineering, health care, agriculture, air services, pharmaceuticals, textiles, leisure and tourism.
Rahul Bajaj, Co-Chair of the CBC, emphasised in his opening remarks at the CBC meeting that India is globalising and liberalising its economy, and that in the last decade, the share of trade in goods and services had almost doubled from 17 to 32 per cent of India's gross domestic product.
Mr Bajaj, who is also Managing Director of Bajaj Auto, one of India's largest conglomerates involved in vehicle production, said: "India is a natural hub for globalisation. We have the location, the size, a market, trained manpower and a low-cost structure in spite of inadequate infrastructure, which raises transaction costs."
He stated that the entrepreneurial spirit in India has been a contributing factor to its economic potential.
CNIS - the Commonwealth News and Information Service Issue 221 9 February 2005
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