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Business News India: Business India: 'India still not in position to sustain high growth' New Delhi, Nov 20 India is still a long way from being in a position to sustain high economic growth, a study by Davos-based World Economic Forum said Thursday. Released in the run-up to the annual India Economic Summit, organised jointly by the Confederation of Indian Industry (CII) and World Economic Forum (WEF), the study reinforced the theme of enhancing India's competitiveness. The three-day summit beginning Sunday will be opened by Finance Minister Jaswant Singh and attended by over 400 delegates from about 20 countries, Colette Mathur, WEF director for India and South Asia, told a news conference here. Referring to the study based on inputs from 50 Indian and overseas companies, Mathur said: "India has become competitive in many ways, though there is still a long way to go." The study revealed 84.7 percent of respondents felt India would not be able to sustain high economic growth in the absence of adequate focus on infrastructure development in the past few years. In fiscal 2003-04, India is optimistic of recording over seven percent growth with a good monsoon having brightened prospects of the country achieving record agriculture growth and improving demand prospects. While there was poor optimism among corporate heads of improvement in power supply, action for control of AIDS and on the education front, there was also strong support that the "Made in India" brand was gaining acceptance in the global market. All the respondents felt India's competitiveness had increased in the past two years and it would retain its lead in software development and IT-enabled services. The optimism about India's economic growth was reflected by the fact that a record 15 multinationals would be participating in the business summit this year, said Mathur. Several leading international participants are expected to attend the summit, which will provide an opportunity for informal interaction between non-resident Indians and Indian business groups to discuss ways of improving the country's business environment. Separate sessions will focus on India's business relations with the U.S., China and Sri Lanka. While Finance Minister Singh will speak on "economic diplomacy", several other ministers are scheduled to address the summit. Last year, most ministers scheduled to address the summit failed to put in an appearance as the annual India Economic Summit has come to be known for its hard hitting analyses of the government's shortcomings on the infrastructure and reforms front. Ahead of the summit, four blueprints on infrastructure, corporate social responsibility, information and communication technology and agriculture have been prepared for discussion. The recommendations that emerge will be sent to the government, CII said. Back to Business News India Headlines |
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