Business Daily from THE HINDU group of publications
Tuesday, Oct 30, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Oct 30, 2007 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
Industry & Economy
-
Economy Markets - Stock Markets Our Bureau New Delhi, Oct 29 Coinciding with the day when the BSE Sensex crossed the 20,000-mark, the Prime Minister, Dr Manmohan Singh, told a gathering of international CEOs that the Indian growth story looked good. “Be it foreign direct investment flows, investments in our stock markets, investments in our knowledge economy, the signals are all positive,” Dr Singh said addressing the Fortune Global Forum which began here today, the first time that such an event has been organised in India by the Fortune group of publications. “This is what we had dreamt of in 1991. I doubt whether Fortune would have considered hosting such an event in India a decade ago. The fact that you are all here today is proof of your faith in the abilities of Indian people,” the Prime Minister said. Reiterating that it was undeniable that India was now on a new growth trajectory where sustained economic growth of 9-10 per cent seemed possible for many years to come, Dr Singh said this acceleration of economic growth over the past two decades had been driven by rising investment and savings rates and by rising domestic consumption. The Prime Minister expressed satisfaction at the numbers on economic growth and complimented the economic management team of the Finance Minister, Mr P. Chidambaram, and the Deputy Chairman of the Planning Commission, Mr Montek Singh Ahluwalia, for “managing the economy so efficiently.” He asserted that India is on “a new growth trajectory” where sustained economic growth of 9-10 per cent per annum would seem possible for many years to come. Such high growth rates were considered “impossible” even five years ago and but they were no longer so for two important reasons. First, an unleashing of Indian enterprise in the past decade by “children of reform” who remain in the vanguard to a new India. Second, he said, a demographic transition was under way in India and for many decades to come, India would be one of the important contributors to the available global workforce. Stating that India saw the world as a planet of opportunities, Dr Singh said that, “we do want to be more integrated with the global economy”. He told the industry forum that India was committed to the successful functioning of a rule-based multilateral trading system and said, “we are committed to the successful conclusion of the Doha Round at an early date”. India has adhered to all its Uruguay Round commitments and also affirmed its protection of intellectual property rights. But, he said, “the global community cannot afford the complete privatisation of research, of knowledge generation, especially in fields like medicine.” On climate change, he said, India accepts its global responsibilities. “We are willing to accept the obligation that our per capita emissions will never exceed the per capita emissions of developed countries,” he said adding that India has never reneged on its international commitments. He assured investors that India would continue to reform its systems and its institutions so that “our economy becomes more efficient and our society more equitable”. More Stories on : Economy | Stock Markets
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|