India's economic engagement to touch $550 billion: Nath

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Singapore, Apr 4 (UNI) India's economic engagement with the world is expected to touch 550 billion dollars in 2007-08 fiscal year, Commerce and Industry Minister Kamal Nath said here today.

Speaking at the opening session of the Incredible India@60 campaign jointly organised here by the Indian Government and the Confederation of Indian Industry, Mr Nath pointed out that India is using knowledge in its manufacturing processes rather than adopting mass manufacturing.

The minister, however, expressed concern over the ''frenzy of economic slowdown, which is bound to impact the global economy'', but said today's engines of growth are China and South East Asia.

Nevertheless, India faces enormous challenges in the inclusive growth, he added.

The opening ceremony was also addressed by Singapore's Community Development, Youth and Sports Minister Vivian Balakrishnan, who said India as a continental size country faces monumental challenges including the transformation of agriculture, delivery of services, infrastructure and education.

''But India will grow,'' he stressed, adding Singapore hopes to play a part in the rise of India.

The three-day-long cultural and business conference and exhibition will end tomorrow.

Singapore Prime Minister Lee Hsien Loong was the Guest of Honour at tonight's dinner celebrating India's 60 years of achievement as an independent country.

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