India's mkt diversification strategy showing results: Sharma

India's market diversification strategy of reaching out to newer vistas in Asia, Africa and Latin America is beginning to show positive results, Commerce and Industry Minister Anand Sharma has said.

Inaugurating the first overseas office of the Export Credit Guarantee Corporation (ECGC) India Limited here, the Minister said: "India's market diversification strategy focussed on outreach to newer markets in Asia, Africa and Latin America, is beginning to show positive results."

The event was attended by senior officials of ECGC and the High Commission of India in London. The event was also attended by a large number of high-level representatives from the economic and financial sector of the UK.

The Minister welcomed the opening of the ECGC office in London, hoping that ECGC would continue to play a significant promotional role in increasing exports from India.

It was noted that given the difficult global economic situation, exacerbated by the economic and financial crises, ECGC was providing an valuable service through assuring the much needed security and stability to an exporter while dealing with the uncertainties.

In his remarks, the Minister referred to the strong fundamentals of the Indian economy, which remained resilient and continued to grow despite the global financial situation and the Euro zone crisis.

Underlining the Indian economy's strength in terms of purchasing power parity, Sharma highlighted the benefits accruing on account of the implementation of India's Foreign Trade Policy 2009-14, at a time when the Indian economy was faced with the challenges of unprecedented volatility in commodity prices and sharply rising crude oil prices.

Sharma congratulated ECGC for the establishment of its London office, which would play an important and crucial role in providing credit insurance to Indian exports, especially at the time of a volatile global economic situation, thereby ensuring growth and stability of Indian exports and further strengthening of the Indian economy.