02-06-2005, 03:11 AM
<b>INDIA'S GDP USD 800 BILLION???</b>
<b>BUDGET TO SPUR INVESTMENT, GROWTH : FM</b>
<b>LONDON: With India's GDP nearing $800 billion and <span style='color:red'>exports of goods and services at a record $133 billion</span>, FM P Chidambaram on Friday hinted at a "mix of policies" to spur investment and growth, three weeks ahead of the budget.</b>
"Today India is confident and optimistic... This has given us foundational strengths for erecting a mix of policies that will push the rate of growth further," Chidambaram said at a conference organised as part of the G-7 summit here. With the economy logging 7.5% growth in many years, he said India has the potential to grow at 10%.
FM also urged the developed countries to review the process of globalisation and make it more inclusive, just and equitable so that the developing countries could benefit from its prosperity.
"As of today, the terms are heavily weighted in favour of developed countries," FM said at the foreign policy centre here.
The invitation to India to attend the G-7 rich nations meet underlines the growing influence of its economy that has become too big and potentially influential to ignore. India's participation, alongside China, Brazil, Russia and South Africa, will be its first ever in a G-7 (including US, Japan, Germany, Britain, France, Italy and Canada) meeting.
The G-7 is increasingly interested in India because the country's economic clout, from back-office outsourcing to demand for resources, is growing rapidly.
<b>Reeling out statistics, Chidambaram said India's GDP at market prices was nearly $800 billion annually, exports of goods and services touched $133 billion and net capital inflows averaged $19 billion a year.</b>
"India today is a beehive of ambitious individuals and firms," he said, adding a new aspect of India's globalisation was outward FDI by Indian companies that are now confident of turning into MNCs. "Indian companies are hungry to go abroad, acquire manufacturing firms as well as brands, and position themselves at the doors of new markets. Indian companies are seen as potential major players in the world market," he said.
"With new challenges, we must find new ways of organising global architecture in response to new poles of economic strength."
<b>BUDGET TO SPUR INVESTMENT, GROWTH : FM</b>
<b>LONDON: With India's GDP nearing $800 billion and <span style='color:red'>exports of goods and services at a record $133 billion</span>, FM P Chidambaram on Friday hinted at a "mix of policies" to spur investment and growth, three weeks ahead of the budget.</b>
"Today India is confident and optimistic... This has given us foundational strengths for erecting a mix of policies that will push the rate of growth further," Chidambaram said at a conference organised as part of the G-7 summit here. With the economy logging 7.5% growth in many years, he said India has the potential to grow at 10%.
FM also urged the developed countries to review the process of globalisation and make it more inclusive, just and equitable so that the developing countries could benefit from its prosperity.
"As of today, the terms are heavily weighted in favour of developed countries," FM said at the foreign policy centre here.
The invitation to India to attend the G-7 rich nations meet underlines the growing influence of its economy that has become too big and potentially influential to ignore. India's participation, alongside China, Brazil, Russia and South Africa, will be its first ever in a G-7 (including US, Japan, Germany, Britain, France, Italy and Canada) meeting.
The G-7 is increasingly interested in India because the country's economic clout, from back-office outsourcing to demand for resources, is growing rapidly.
<b>Reeling out statistics, Chidambaram said India's GDP at market prices was nearly $800 billion annually, exports of goods and services touched $133 billion and net capital inflows averaged $19 billion a year.</b>
"India today is a beehive of ambitious individuals and firms," he said, adding a new aspect of India's globalisation was outward FDI by Indian companies that are now confident of turning into MNCs. "Indian companies are hungry to go abroad, acquire manufacturing firms as well as brands, and position themselves at the doors of new markets. Indian companies are seen as potential major players in the world market," he said.
"With new challenges, we must find new ways of organising global architecture in response to new poles of economic strength."