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- By Parinda News Bureau, February 02, 2006, 09:54 IST
London: India has chosen a calibrated approach to liberalisation and the path of democracy so that the benefits of growth can be all-inclusive, Shri Kamal Nath, Minister of Commerce and Industry, said while addressing the Business Action in Asia Conference on the topic of "Building on Asian Success" in London today.
Meanwhile, trade winds had shifted in recent times and along with this, the economic hubs of the world were shifting from the Atlantic Ocean to the Indian Ocean, the Minister said.
"Ever since our reform process was set into motion 15 years ago, licences, permits and petty restrictions have all become increasingly irrelevant, as we liberalise and globalise. India has broken out of its cycle of living on the edge of poverty and is experiencing a sustained growth of 7 to 8% annually. We have foreign exchange reserves of 150 billion dollars; our merchandise exports should touch 100 billion dollars this year; our imports will be in the region of 150 billion dollars, and our services exports and imports will be another 100 billion dollars, taking our economic engagement with the world to 350 billion dollars. FIIs invested over 10 billion last year, over and above the more than 5 billion that came in as FDI. We have achieved our strong levels of growth despite a perceived lack of infrastructure as well as a relatively low level of FDI. The only conclusion that one can draw from this is that the key drivers of the Indian economy are the profound strength of the underlying free market economy, a robust homegrown spirit of entrepreneurship, and an enormous and thriving consumer base ... Prime Minister Dr. Manmohan Singh has often spoken about making the 21st century the Century of Asia. We must now work together to realise the dream of the Asian Century", Shri Kamal Nath said.
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