SINGAPORE: India's ``own engagement with China is growing'' in the economic domain, and it ``is no longer `China or India' paradigm for businesses" on the global stage.

Emphasising this, Union Commerce Minister Kamal Nath said at an `Asia Pacific Business Summit' in Singapore that ``India can no longer be treated as an alternative market that is secondary to China."

Delivering the `Global Business Leader Lecture' during the inaugural session of the two-day summit, styled as `Connecting India,' Mr. Kamal Nath suggested that Singapore investors now see India through this ``periscope.''

Raising visions of ``a new economic architecture'' on a global scale, he said: ``India, with its talent pool, young demographic profile, and sound economic environment, would offer immense opportunities'' to the external players. India would be attractive destination for not only ``business process outsourcing but increasingly for the higher end of value chain in knowledge process outsourcing and engineering process outsourcing.''

The summit is being organised by the Singapore Indian Chamber of Commerce & Industry.

The Hindu and The Hindu Business Line are the international media partners for the event, and PriceWaterhouseCoopers is the knowledge partner.

Mr. Kamal Nath hailed the economic pact that India and Singapore had signed last June as ``a model of partnership" and "a building block" for New Delhi's "comprehensive integration with the Association of South East Asian Nations (ASEAN)." Looking for new vistas in India-Singapore interactions, he said: "China was a more immediate priority for Singapore companies" a decade ago. "While it is true that India is still a new frontier for global businesses" now, "this frontier is rapidly shrinking."

The China-India engagement encouraged him to "predict" that by 2015, "the centre of commercial activity would have shifted from the Atlantic Ocean to the Indian Ocean."

``India, China, and the ASEAN region would form a formidable triangle, encompassing a pulsating economic hub," by then.

Hinting at the possibility of such a symphony of politics and economics, he expressed belief that "Mumbai, along with Singapore, Hong Kong, and Dubai will eventually become the financial nerve centres of the world - to rival the likes of London, New York, and Tokyo."

Responding to questions after the lecture, Mr. Kamal Nath sought to dispel the "very ballistic" notions about the latest nuclear energy accord between India and the United States. He said: "It is a simple energy agreement" that also symbolised a "tribute" to India for having used its "nuclear capability," first established 34 years ago, "non-offensively."

On the economic front, India was now trying to "simulate the future" as regards various aspects of the knowledge-driven sectors. He said "a road map" for movement towards "full convertibility" on the Indian currency market was being sketched out now.

The summit was inaugurated by Singapore Education Minister Tharman Shanmugaratnam. SICCI Chairman Rajaram welcomed the participants.

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