India will be next engine of global growth |
India will become the next engine of growth for the world after the launch of a new industrial policy that would focus on modernising existing industries and increasing start-ups, Indian Minister for Commerce and Industry Suresh Prabhu said. Addressing the Indian disapora in South Africa, Prabhu shared details of the new policy. Prabhu was leading a high level business delegation to Johannesburg to participate in the two-day India-South Africa Business Summit 2018 which began on April 29. Prabhu said there would be a shift from the first policy of 1956 which promoted industrialisation and that of 1991 which was driven by compulsion as India faced a severe economic crisis. According to the minister, the new policy would consist of three main elements –- modernising existing industries, bringing new industries into place, and increasing startups. Prabhu acknowledged China`s economic growth on the global stage as being “unparalleled” and attributed its rise to investment by the Chinese government. But India`s success and growth story is driven by Indians. The private sector in India has contributed significantly to this, he said. The minister sought to project that 2019 would be better for India than this year.
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