Mr Kamal Nath, Minister of Commerce and Industry, addressed a session on “The New Architecture of Globalisation” at the India Economic Summit 2007, jointly being hosted by the Confederation of Indian Industry (CII) and the World Economic Forum (WEF).
Speaking in the session, he said that “there have been several paradigm shifts” taking place simultaneously in India over the last few years.
The Indian economy is growing at more than 8% for the last few years. India is an island of stability while the neighbouring countries have been experiencing domestic disturbances for sometime.
Earlier, Mr Sunil B Mittal, Chairman and Group Executive Officer, Bharti Enterprises and President, CII, and, Mr Klaus Schwab, Founder and Executive Chairman, WEF introduced Mr Kamal Nath to the audience. They highlighted his contribution in making India a power to reckon with in international business.
Mr Nath said that the challenge before India is no more in identifying the 'path of growth', but the 'management of economic growth'. For example, the Indian economy is faced with an appreciating currency, driven by huge inflows of capital into India.
But the positives are growing competitiveness of the Indian industry, and young demography. The manufacturing sector is growing fast and soon India will be a manufacturing hub of the world.
Together with competitiveness, technology is driving the change in the Indian economy. Demographic advantage is aiding the whole process of change.
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