By I. Ramamohan Rao, Hannover (Germany): Asserting that India is at the cusp of a historic transformation, Prime Minister Manmohan Singh has said that the mechanism of an open market, "in an enabling environment of a free parliamentary democracy, has never been used before to raise so many millions of people from the age old scourges of poverty, ignorance and chronic disease Speaking at the inauguration of the Hannover Fair here yesterday evening, Singh said that today, we have a new vision for India as an active participant in the increasingly integrated economy. We are committed to an open, liberal economy; one that is in tune with the new realities of the global economic order. We seek to enhance our presence in the international trading system". As tariff barriers fall and an even more welcoming investment climate develops, India is more open and more hospitable. Ours is one of the most liberal policy frameworks for foreign investment. We have opened up most sectors of our economy to foreign investment, Singh said. Pointing that India was at present paying particular attention to infrastructure, the Prime Minister said that India have plans to step up investment in transport connectivity, power and energy, both in the rural and the urban sectors. Our highway plan, currently nearing completion, is one of the world’s largest. Our railway system, already one of the world’s largest, is being modernized with new technology. Ports and airports are witnessing renewed activity as the private sector and public-private partnerships in investment and operation are encouraged. These programmes will create significant opportunities for construction and engineering firms. On a rough estimate, over the next decade, our economy can absorb over 150 billion dollars of investment in the infrastructure sector alone,Singh said.Emphasising that India attached great importance to its relations with Germany, he said that the Indian and German people have cherished a close and warm friendship. He added that there has been a constant flow of ideas, knowledge and commerce between the people of India and Germany. The Prime Minister further went on to say that India has benefited from German support in the European Union (EU) system, adding that just as India see Germany as a natural partner in Europe, we hope Germany will increasingly come to view India as its natural partner in Asia. Asserting that German firms have been playing an important role in the technological modernization of India, the Prime Minister said that India saw Germany as a leading scientific, technological and cultural power.
We recall with gratitude the German role in the building of a new India. Your expertise helped us establish our first steel plants… Indeed, it is no exaggeration to say that in popular perception in India is that the Made in Germany logo is a synonym for the highest quality and cutting edge technology. We see great mutuality of benefit for us in building upon this history of partnership. A future of great possibilities awaits us, he said. He said that a resurgence of the manufacturing sector was underway in India, adding, Over the past two years, this sector has achieved growth rates of 9-10 per cent. We aim to raise this to 12 per cent in the near future. India is expected to emerge as a major manufacturing base in coming years. At the same time, the restructuring of Indian industry has led it to become a strong force for growth. In fact, several Indian firms have established a presence in Germany. Our firms are increasingly meeting global benchmarks of quality, cost and productivity. He further pointed that India and Germany have great opportunities to work together, saying some new areas of Indian strength, such as chemicals, pharmaceuticals, auto components and electronics, complement areas of German expertise. The possibility of new partnerships between the dynamic German SME sector and its Indian counterpart is another area of interest for us. The emerging knowledge sectors are a new area for cooperation between India and Germany. Our skills in design, R&D, and innovation benefit the IT, biotechnology, media and entertainment sectors, among others. In this context, we must build upon the tradition of cooperation in space, science and technology and nanotechnology between our two countries. It is now time to elevate this interaction to a new plane. It is time for German players to take advantage of the emerging knowledge regime, he said. We look forward to working with Germany in the EU and at the WTO, among other things, to ensure the success of the Doha Round of trade negotiations, Singh added.
Source: http://www.newkerala.com/news2.php?action=fullnews&id=47843
