Singapore, April 4 : Commerce and Industry Minister Kamal Nath said on Friday that Indian investments in the United States have surpassed American investments in India.
"When we meet today in a global economic....in a gloomy economic outlook in the world...I sometimes think that for many years United States used to tell about banking best practices and they used to say India must do this, India must do that. Now they have their best practices (which) led to the sub-prime," said Nath.
Nath converted the opening session of the 'Incredible India@60' campaign into a platform to present the achievements of the Indian economy despite the 'gloomy global economic outlook'.
Nath was talking about the economic problems that started in the US in March last year, when the sub prime mortgage industry collapsed due to higher-than-expected home foreclosure rates, which has become a cause of global slowdown.
Stressing that India is using its knowledge in its manufacturing processes rather than adopting mass manufacturing, Nath said that the "frenzy of economic slowdown" is bound to impact the global economy, but today's engines of growth are China, India and South East Asia. He also pointed out that Singapore is now salvaging US banks.
Nath said India has made great progress in investing overseas and creating more jobs in the US than the US is creating in India.
"India is unleashing its intellectual-abilities, its entrepreneur-abilities where we are not just merely an exporter but we are a big importer, where we are not looking for FDI (foreign Direct Investment) (but) we are a great investor aboard. Investments in Unites States last year were larger than the United States investments in India. And for the benefit of the politicians of United States, India created more jobs in United States last year than United States created in India," said Nath.
Speaking at the conference organised jointly by the Government of India and the Confederation of Industries of India (CII), he said that India's economic engagement with the world is expected to touch 550 billion dollars in 2007-08.
Complimenting Singapore for embracing global connectivity as an economic model, Nath added that India needs to also leverage the forces of globalization in order that its growth can extend to all sections of society.