India Day in 39th Annual ADB Meeting

By: EconomyWatch   Date: 14 October 2010

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In the 39th Annual Meeting of the Board of Governors of Asian Development Bank in Hyderabad, Ministry of Finance and India Brand Equity Foundation presented 'Advantage India' under the title "India Day". During the five-hour-long session, 'India Advantage' was able to project before the Asian countries that India is the world's largest and fastest growing free market democracy. Representation given by the Indian dignitaries assured the participants that the current growth momentum is not just a gift to the cyclical Optus but reflects the buoyancy unleashed by structural challenges in the economy.

Talking on the economy scenario of India, Finance Minister Shri P. Chidambaram articulated the vision for India and more importantly, what it means for the world. He emphasized, that our growth has been largely fuelled by domestic savings". Shri Chidambaram said, "till a couple of years ago, India's manufacturing sector contributed less than 20 per cent of GDP. Now, however the industrial sector contributes 25 per cent of GDP." He assured that much bigger ware of manufacturing off shoring is yet to come. Dr. Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, addressing the investor concerns on infrastructure shared the Government's ambitious plan for infrastructure development. He assured that the public sector would continue with reliance on public-private partnership for infrastructure development of the country.

Seminars organized on the name of "Advantage India" were also addressed by the Chief Minister of Rajasthan, Smt. Vasundhara Raje, Chief Minister of Andhra Pradesh, Dr. Y.S. Rajasekhara Reddy, Chief Minister of NCT of Delhi, Smt. Sheila Dikshit, Chief Minister of Goa Shri Pratap Singh Raoji Rane and Finance Minister of West Bengal Dr. Asim Kumar Dasgupta. The essence of these presentations was that Indian States are now going all out and promoting themselves as competitive investment destinations. Many have been successful in achieving economic growth by following the route of reforms in their respective States.


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