Ramesh who was on a three-day visit here was delivering an address titled 'Changing Role of India in South Asia'.
The minister for rural development said India was willing to make unilateral concessions while not insisting on reciprocity as the largest country in the south Asian region.
He said India's desire was to see that whole region grow with it.
He cautioned that the successful management of economic relationships would require sensitivity to legitimate security interests of the parties involved.
Ramesh highlighted India's "look east policy" adopted by it in the late 90s and India's increasing engagement with SAARC member states, ASEAN member states, central Asian countries, east Asian and south west Asian countries.
While in Colombo Ramesh also met with the Sri Lankan president Mahinda Rajapaksa, external affairs minister G L Peiris and economic development minister Basil Rajapaksa.