The Hindu : Andhra Pradesh / Hyderabad News : `Bright future beckons India'

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Friday, Sep 22, 2006
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Andhra Pradesh

Andhra Pradesh - Hyderabad

`Bright future beckons India'

Staff Reporter

I am amazed at India's growth in IT and ITES sectors, says US Consul-General

LOOKING UP: David T. Hopper, US Consul-General in Chennai, with Srini Raju of i-LABS and others at a networking meet in Hyderabad on Thursday.

HYDERABAD: United States Consul-General in Chennai David T. Hopper on Thursday said that with a GDP of $691 million, India ranked No. 5 globally and No. 3 in Asia and its rapid growth made it one of the fastest-growing economies in the world.

Addressing participants at The Indus Enterprises-Indian School of Business Connect-2006, the networking meet organised on the theme `Sculpting ideas building businesses,' he said India was the most favoured destination for venture capitalists globally.

Among MNCs investing over $1 billion were Microsoft, Intel, AMD and Cisco while Suzuki had planned for $800 million. "I am amazed at India's growth in the IT and ITES sectors," he said.

Bureaucratic hassles

But much needed to be done on the bureaucratic front and a clear policy framework for investment was required, Mr. Hopper said, adding that growth on the infrastructural front, in terms of roads and ports, was also needed.

In an hour-long presentation, iLabs promoter Srini Raju said that with innovation and hard work, India was increasingly becoming the flavour of the world.

Earlier, co-convenor of the meeting Sateesh Andra welcomed the gathering. Others present were Dean of ISB M. Rammohan Rao and co-convenor V. Chandrasekar.

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