India is one of the fastest growing major economies of the world, Minister of State for External Affairs E Ahamed said adding that despite the adverse international environment, India has managed to maintain a growth rate of over 7 per cent per annum.
"We are confident that the strong fundamentals of its economy will help India return to a sustained growth path of about 8-10 per cent per annum in the coming years," The Minister said speaking at the 3rd India-Arab Partnership Conference here.
He said that India has robust economic indicators including high domestic saving rate; increasing direct and indirect tax revenues; high agricultural growth; a strong manufacturing base and a booming service sector spearheaded by the information and communication technology sector.
The Minister also mentioned the ambitious plans for the development of Indian infrastructure.
"We are planning to secure investment of almost USD 1 trillion in the next 5 years in new projects in highways, power plants, mass transport systems, ports and airports. This will be achieved through both public and private investment and Public-Private Partnerships," he said.
Ahamed said India was determined to pursue a strategy of green growth and was committed to increasing energy efficiency and the share of renewables, including solar and nuclear power, in its energy mix.
"This makes India one the most attractive destinations for foreign direct investments.
"India invites our longstanding friends from the Arab world to participate in India's growth story which would be mutually beneficial," he said.
Talking about the the recent winds of change which swept through several Arab countries, he said, "Continued peace and stability in the region is of interest to all of us. We support addressing of all issues through peaceful dialogue and negotiations with countries being free to determine their own pathways to national development".
He noted that trade between India and the Arab world, which stood at USD 114 billion in 2008-09, has steadily increased to reach USD 144 billion in 2010-11.
Of this, India-UAE trade alone accounts for USD 67 billion, more than 46 per cent.
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