Kamal Nath pitches for integrating with global economy

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New Delhi, Nov 17 (UNI) Commerce and Industry Minister today strongly pitched for integrating India with the global economy notwithstanding the slowdown caused by the financial crisis.

India should become a vital link in the international supply chain of goods and services, funds and capital, and resources and talent, he said at the India Economic Summit here.

He also pitched for more reforms in public private partnerships, financial sector, and taxation, saying the process has already helped millions of poor people to cross the poverty threshold.

Underlining the need for moving people away from agriculture to enhance their productivity and incomes, he said 600 million people will still continue to depend on it for their livelihood even as the country's workforce of around 500 million now expanded by about 20 million each year for the next ten years.

Stating that India's engagement with the world at over 525 billion dollars last year was unprecedented in its modern economic history, he urged foreign investors to stay engaged with India's growth story as its economy will again pick up 9-10 per cent pace.

India's bilateral trade with the world in 2007-08 was worth 414 billion dollar(exports 163 billion dollars and imports 251 billion dollars).

It was valued over 525 billion dollars, which is more than half the country's gross domestic product, if export and import of services are also included, he said, adding foreign investors would benefit tremendously from India's stable, large and growing consumer market.


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