“The Indian economy currently growing below 5% GDP has a huge potential for development. However roadblocks in the form of fragile leadership, lack of competent governance and poor infrastructural facilities pose as hindrances. Proactive leadership, progressive industrial policy and a conducive investment climate will faster the pace economic growth of the nation”, said Mr. Joseph Owen, President, Development and Investment Advisory Services and Former Director, World Bank during an interactive meeting organized by MVIRDC World Trade Centre Mumbai and All India Association of Industries on 3rd January 2014.
India should look forward to diversifying its economy to inclusive growth. The rapidly progressing South American, Central American and Caribbean markets hold tremendous prospects for the Indian business community which have not been explored. This region is home to large middle income consumption markets with access to formal credit institutions. The region is rich in natural resources such as iron, coal, oil and natural gas which may be tapped by potential investors from India. Also, the region commends itself for a stable political climate and conducive commercial atmosphere, said Mr. Owen.
Citing the growth story of China Mr. Owen said that the Chinese economy has undergone rapid industrialization due to paramount emphasis on its infrastructural sector. Also, China has invested huge capital in global markets which shall bear fruits in days to come. He suggested that Indian investors invest in global markets on the similar lines.
The Latin American region and India must look forward to enlarging bilateral ties for mutually beneficial relationship in the long run. The Latin American region which is rich not only in natural resources but also in agricultural products such as coffee, soya, sugar, pulp and paper may export the same to India. India may utilize these resources to boost its manufacturing sector and its large population, said Mr. Owen. Secondly, the Latin American region can benefit from the competent tertiary sector of India comprising of engineering and IT services, education, etc, Mr. Owen added.
Earlier, in his welcome remarks Mr. Vijay Kalantri, Vice-Chairman, MVIRDC World Trade Centre Mumbai and President, All India Association of Industries said that the Indian economy in its pursuit towards growth needs to address lingering issues in the form of sluggish industrial growth, rising inflationary pressures, lack of infrastructural facilities and deficient capital. Also,
establishing transparency in government norms is vital. In order to boost its manufacturing sector and addressing the inflationary concerns India may import raw materials and crude oil from the Latin American countries. Also, a conducive investment climate and able political leadership will attract foreign capital from the Latin American countries into India.
The participants were keen to know more on the free trade agreements and advantage of the same. Capt. Somesh Batra, Vice-Chairman, MVIRDC World Trade Centre Mumbai proposed the vote of thanks.
In photo Mr. Joseph M Owen, President, Development & Investment Advisory Services and Former Director, World Bank, Mr. Vijay Kalantri, Vice Chairman, WTC Mumbai and Capt. Somesh Batra, Vice Chairman, WTC Mumbai