Earlier while addressing the CEOs at the breakfast session “Doing Business in India”, the Minister said that for the past three years, India has been clocking an 8% plus growth.
In 2006-07, this rate of growth was 9.4%. The 11th Five-year plan has set up a target of 9% growth. Savings, which are about 30% of GDP are estimated to grow to 35%.
Similarly, gross capital formation is likely to touch 37.5%. It is expected that the private sector will be predominant in capital formation.
Shri Kamal Nath informed the entrepreneurs that the business climate of India can be judged from the fact that it is considered to be amongst the three top investment destinations.
Continuous reforms in investment policies have resulted in India practicing one of the most liberal policy regime. Almost all sectors are thrown open to FDI with no requirement of prior approvals. For the past three years, we have been lowering our tax structures.
Though, we have made important strides, there are still some development challenges. We need to take the benefit of globalization and reforms to the poorest of the poor.
We need to work more on governance infrastructure, business climate, skill development, environment and equality of growth.
Press Information Bureau Government of India
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