The Hindu : Business : India offers scope across sectors

Online edition of India's National Newspaper
Thursday, Jan 25, 2007
ePaper


<SCRIPT language='JavaScript1.1' SRC="http://ad.doubleclick.net/adj/N4322.hinduonline/B2155503.3;abr=!ie;sz=468x60;ord=[timestamp]?"> </SCRIPT> <NOSCRIPT> <A HREF="http://ad.doubleclick.net/jump/N4322.hinduonline/B2155503.3;abr=!ie4;abr=!ie5;sz=468x60;ord=[timestamp]?"> <IMG SRC="http://ad.doubleclick.net/ad/N4322.hinduonline/B2155503.3;abr=!ie4;abr=!ie5;sz=468x60;ord=[timestamp]?" BORDER=0 WIDTH=468 HEIGHT=60 ALT="Click Here"></A> </NOSCRIPT>

Business

Business

India offers scope across sectors

Special Correspondent

Success in India demands long-term commitment: U.S. Ambassador

— PHOTO: V. V. KRISHNAN

SOUND VISION: Manuel A. Rosales (centre), Associate Administrator for International Trade at U.S. Small Business Administration, exchanging documents with Jawahar Sircar (right), DC-SSI, after signing an MoU in the presence of Dayanidhi Maran (left), Union Communications and IT Minister, in New Delhi on Wednesday.

NEW DELHI: The poorer and disconnected segments of the society in India must gain from increased trade and capital flows and India's political leaders are working for inclusive and sustainable higher growth with a larger number of people participating in the global market as both producers and consumers, David C. Mulford, U. S. Ambassador, said here on Wednesday.

Speaking at the American Chamber of Commerce (Amcham) international summit on `Emerging India — opportunities for SMEs,' Mr. Mulford said India's economic transformation promised opportunities not just in the usual sectors of liberalising economies but also in less unconventional ways that globalising companies were beginning to recognise.

Mr. Mulford said India offered vast opportunities for business engagement with a long-term commitment to a sound vision and a strategy to succeed as the country was emerging as a locus for future-looking global business, given the size of the market it provided.

He said business engagement with India was not a journey for the faint-hearted or those who expected overnight success.

Observing that the structural changes under way in India signify emerging opportunities that reach far beyond what is now quantifiable or rankable, he said, "In India, success demands long-term commitment to a sound vision patience, and a strategy to succeed.''

However, he said it was important to understand the current reality in India of the challenges that existed from complicated tax administration laws and still present bureaucratic process that were not always transparent at the beginning of one's foray into India.

Earlier addressing the summit, Minister for IT and Communications Dayanidhi Maran said the small and medium enterprises (SMEs) could play an important role in the services sector. "The contribution of the services sector in the GDP has crossed over 50 per cent and will reach 70-80 per cent to the level of developed countries,'' Mr. Maran said.

Printer friendly page
Send this article to Friends by E-Mail

Business

News Update

Stories in this Section