NEW DELHI, May 23: Citing its robust economic indicators and expressing confidence that the strong fundamentals of its economy will help it return to a sustained growth path of about 8-10 per cent per annum in the coming years, India has invited the Arab nations to participate in its growth story.
“Your participation will be mutually beneficial,” Minister of State for External Affairs E Ahamed said speaking at the 3rd India-Arab Partnership Conference held in Abu Dhabi yesterday.
He also expressed India’s desire for stability in the Arab world.
The minister pointed out that despite adverse international environment, India had managed to maintain a growth rate of over 7 per cent per annum.
“We have robust economic indicators including high domestic saving rate, increasing direct and indirect tax revenues, high agricultural growth, a strong manufacturing base and a booming service sector spearheaded by the information and communication technology sector,” Mr Ahamed said.
He also pointed out to India’s assets including its very young population with over half of them being in their twenties, growing rural market and a rapidly growing middle-class, investments in education and asserted that India was poised to continue to be a frontline player in the global knowledge economy.
“We have very ambitious plans for the development of our infrastructure. We are planning to secure investment of almost 1 trillion dollar in the next 5 years in new projects in highways, power plants, mass transport systems, ports and airports. This will be achieved through both public and private investment and Public-Private Partnerships,” he said.
Mr Ahamed said India was committed to increasing energy efficiency and the share of renewables, including solar and nuclear power, in our energy mix.
“This makes India one the most attractive destinations for foreign direct investments. India invites our longstanding friends from the Arab world to participate in India’s growth story which would be mutually beneficial,” he said.
The Arab world had been home to millions of Indians, who had been earning a living, at the same time, contributing their share through hard work and dedication in developing the respective economies, he added.
“Continued peace and stability in the region is of interest to all of us. We support addressing of all issues through peaceful dialogue and negotiations with countries being free to determine their own pathways to national development,” he said.
“The focus this year was on investment projects which could be identified in the development of Small and Medium Enterprises, infrastructure facilities such as rail, road, airport, ports, power, water, real estate business, healthcare, tourism, transportation, education & human resource development, IT & IT-enabled services, chemicals & petrochemicals, minerals and metals, oil and gas,” he said.
There is a tremendous need for development of these sectors both in India, with its vast population to cater to and the Arab world, the minister said.
(UNI)
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