On an optimistic note, the finance minister said that India would acquire these advantages through its ability to produce goods and services at a lower cost, nimbleness of its entrepreneurs, the managerial talent, demographic advantage and the drive of its younger generation.
He said that through better policies, good governance and better implementation, we can reap the benefit of our demographic dividend and not allow it to become a liability. Our water resources can also be managed better.
He said India can accelerate the growth process if the stakeholders are willing to experiment with new models of delivering goods and services, instead of depending on old failed models.
On the global forum, Mr. Chidmbaram said India has been playing a responsible and reasonable role. India was committed to keep its per capita emissions below the level of the developed countries.
He admitted that India is still lagging behind in achieving the millennium development goals but urged the world to help India carry forward its drive towards better health and education.
In his address, Mr Klaus Schwab, Founder and Executive Chairman, World Economic Forum, said India is now a well-recognized global nation with global duties to exercise. India's growth story, he felt, is powered by its entrepreneurs.
Mr Sunil Bharti Mittal, President, CII and Chairman and group Chief Executive Officer, Bharti Enterprises, said India can strengthen its position in the global economic stage by canalizing its manpower strength and strengthening its manufacturing and services sectors.
With the global growth pole shifting to Asia, India is already a strong force in the region with a sustainable growth rate of 9.5%. With a mature democracy and strong economic fundamentals, India is now a pole of stability for the world, he said.
By leveraging on its demographic advantage and entrepreneurial skills, India can further consolidate its position in the global forum, Mr Mittal said.
Confederation of Indian Industry
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