New Delhi, Aug 18: Jyotiraditya Scindia, the Minister of State for Commerce and Industry in a summit held on Tuesday, Aug 18, described Indian economy as “strong and resilient" and said India would experience an eighth per cent growth by 2010.
In the Tenth CII Annual Marketing Summit 2009, Scindia said that Indian economy holds 'great' potential to marketers. “Impacting the Market", which was the theme for the summit also provided expert insights on how Indian firms can function in the current economic scenario.
“India has buffered itself quite well against the global economic tsunami…and is now a force to reckon with, a nation whose voice is heard in every forum," he said.
He attributed India's performance in the downturn as a result of a strong banking system and various monetary and fiscal government policies.
In fact, the Minister said, “India may well be pioneering the next wave of global growth."
He added that several government schemes like National Rural Employment Guarantee Scheme would further help in India's economic growth.
Scindia also stressed on how income levels of India has risen since 1985.
“An average Indian today can potentially spend double of what he or she could spend in 1985. In the next 20 years, he or she will be able to spend four times as much as they do now."
He added that India would soon be a growth model to the world in regard to diversity and handling crisis.
“I believe this century can be India"s century, " concluded Scindia.