By KUNA,
New Delhi : India Tuesday identified three challenges facing the world today — food, fuels and fertilisers.
Speaking at the session on “Globalisation the New Mantra, But How do we Remain Competitive” of a two-day national seminar held here, Indian Minister of Commerce and Industry Kamal Nath said the ongoing global food crisis was because of the growing use of agricultural land for bio fuels production. Speaking on the Indian Industry, he said, “Greater engagement with the world has led Indian industry to become globally competitive … The world had started taking note of India since Indian industry has become globally competitive.” The Minister said that India’s engagement with major trade partners for concluding free trade agreements was also helping in making industry more competitive.
He stressed on the inevitability of Eastern countries as drivers of world growth and said along with the US, the East Asian economies of Vietnam and Thailand have now become engines of world growth.
On inclusive growth, Kamal Nath said sharing the benefits of globalisation with 300 million people living below one dollar a day remains the biggest challenge for India.
“Transformation of rural India is the next biggest revolution waiting to happen in India,” he stressed.
Addressing the session, Ms. Doris Leuthard, Federal Councillor Minister of Economic Affairs, Switzerland said her country has greatly benefited from globalisation and said that despite being a small country, trade has helped Switzerland to become a medium sized super power. She expressed satsfaction over greater bilateral engagement between India and Switzerland and informed that negotiations for broad based bilateral trade and investment between India and European Free Trade Association have started last January. The seminar is being organised by India’s leading trade body, “Confederation of Indian Industry.”