Narendra Modi's Washington test

Narendra Modi's Washington test

If Modi gets the world’s biggest power right, his pursuit of larger global goals...
Small banks or banks for ‘small’ people?

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Govt taking steps to spur investment: Prime Minister

May 04 2013, 13:27 IST
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'Government is initiating measures to make India a more attractive investment destination.' (Reuters) 'Government is initiating measures to make India a more attractive investment destination.' (Reuters)
Summary'Government is initiating measures to make India a more attractive investment destination.'

believe that this is not just a social and political imperative, but also a sound economic underpinning for sustained long term growth," he added.

Singh further said the regional cooperation and integration among countries in Asia and the Pacific can play a critical role in accelerating economic growth, reducing

poverty and economic disparity.

He stressed on the importance of building cross-border infrastructure, eliminating trade and investment barriers, and cooperation including transfer of technology.

"India is a firm believer in the benefits of regional integration and is committed to promoting it. We stand committed to deep engagement with the countries of East and

Southeast Asia," the Prime Minister said.

He pointed out that resurgence of Asia is part of a process where economic power has been shifting to emerging economies in recent years.

At Purchasing Power Parity, he said, emerging economies accounted for 80 per cent of the world growth in 2012, with emerging Asia accounting for a majority of it and China and India accounting for 35 per cent and 10 per cent of world growth respectively.

In 2013 the IMF expects advanced economies to grow at only 1.2 per cent while developing Asia is expected to grow more than five times faster at 7.1 per cent.

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