Ashwani Kumar says India's economic growth story unique

New Delhi, June 18 (UNI) Minister of State for Industry Ashwani Kumar, has said India's economic growth story was unique in as much as overall economic growth had been achieved in the country consistent with the Government's commitment to social justice and inclusive agenda.

The Minister stated this while delivering the keynote address at a session on 'Rapid emergence of India and China as global economic powers and their impact on the developed world' at an UBS CEO Forum in Florence, Italy, yesterday.

Mr Kumar said in a statement that growth in the emerging economies has positively impacted on consolidation of the developed economies themselves by spurring demand and supply, ensuring economies of scale, increasing the global labour force and ensuring a coherence in the global development agenda.

The Minister stated that the embrace of the market economies by India and China will make possible emergence of an international treaty-based regime towards a fully integrated global economy.

He appealed to the investors to consider the resilience of India's democratic institutions as the nation's strength.

''The manufacturing sector in India was likely to grow by 12 per cent per annum by 2010 which could generate additional 1.6 million jobs every year,'' Mr Kumar said.

The UPA Government under Prime Minister Manmohan Singh was committed to ensuring distributive equities by enlarging opportunities for wealth generation and without compromising human dignity and moral integrity, he said.

Further, the Special Economic Zone policy in the country was being fine tuned to ensure transparency and employment opportunities for those who were displaced from the land for developmental projects, he added.

UNI