Indopac Summit A Consolidation Towards Indias Growth Story

There has been little news to cheer about the major economies of the world since the last year or so

. The process of global economic recovery that was however much talked after the recessionary crisis of 2008 has also lost steam. In the meanwhile the sovereign debt crisis in the Eurozone countries has emerged as dampener to economy. Efforts are indeed going on for damage control. Also there are attempts of keeping the world aloof from its effects.

Of late, the US economy has shown some improvement but without any substantial signs of economic growth. However, the U.S. economy appears to have stuck its neck out of the economic mess and is maintaining a growth rate of 1.8 per cent at present. As per IMF report the global economy will grow by 3.3 per cent in the year 2012, which is significantly low than 3.8 per cent of the year 2011. GDP growth of advanced economy has declined to 1.2 per cent for 2012 as compared to 1.6 per cent for 2011 whereas it was 3.2 per cent for 2010.

Growth in the emerging economies is also under strain and is steeply sliding from 7.3 to 6.2 to 5.4 per cent in the successive years from 2010 to 2012. Despite several fiscal and monetary corrective policies, US economy remains sluggish and Eurozone is expected to shrink further by 0.5 per cent.

In this scenario, the India story is still bright and shining, particularly, after arriving on the global economic scene after a decade long sustained growth. Actually the reversal of Indian economy from low growth to high growth took place in 1980s. Thereafter came the economic reforms in the early 1990s which took India on a fast forward track and made it a major global player. And the last 10 years have seen the phenomenal growth. India saw unprecedented rise in its foreign exchange reserve. What used to be around $5 billion shot up to about $300 billion. Indian businesses turned into multinationals. Indian companies began taking over foreign companies. Suddenly, Indian companies were investing all over the world and even in some industrialized countries. People of the advanced nations were being hired by Indian firms. India became the big story of the last decade and rose on the global scene.

Here is an opportunity for India Inc. to participate in Indopac Summit 2012 taking place on 2nd and 3rd October in New Delhi and explore the opportunities present in India. Many persons of great standing in the field of economy, financial world and politics would enlighten how to capitalize the potential that India and the other Asia Pacific countries present. A rare occasion for corporate world and investors must not be missed.

by: Joseph Martin

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