Indian Minister Projects 9 Percent Growth, Open Doors For Investors
Washington, D.C., United States (AHN) – Indian top financial official on Thursday called upon global investors to look at the growing potential provided by Indian economic and business environment as the Asian economy races to more than a 9% growth in the coming year.
Pranab Mukherjee, the Indian finance minister told his audience at Woodrow Wilson Center, Washington D.C., “With the Indian economy expected to grow between 8 to 10% over the coming decade, the opportunities for business engagement with India will multiply manifold.”
“Sustained high growth will catapult India into one of the three largest economies in the coming decades. The Indian economy will be one of the nodes of global economic momentum and stability,” said Mukherjee while addressing the subject, “Emerging Global Economic Architecture.”
The finance minister’s statement came as the International Monetary Fund increased India’s growth forecast to 9.7% in 2010, from its earlier projection of 9.4%.
On the global financial crisis Mukherjee noted that, “greater attention needs to be given to transmission channels of contagion, the herd behavior of investors, excessive risk-taking during boom years and risk aversion during crisis.”
“The effort to identify and strengthen institutions that are considered ‘too big to fail’ and ‘too interconnected to fail’ is part of the effort to limit systemic fallout of contagion, he added.
Mukherjee reiterated that international leaders must try to work together in handling the global economic system asking all “to be realistic” and make a joint effort “to manage global geo-politics to create the pre-conditions for economic prosperity.”
“Nations working together both regionally and globally can become critical forces for geo-political peace in the world and for creating the social and political pre-conditions without which no nation can grow and prosper,” he said.
Indian minister mentioned U.S. President Barack Obama’s upcoming visit next month to India saying, “I am sure that his visit will strengthen cooperation between India and the United States and lay out a vision for our strategic partnership based on our shared values and our shared interests.”
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