New Delhi, June 10: Showcasing India as an emerging Asian power house,
Commerce and Industry Minister Kamal Nath today said the country will capture
around 15 per cent of over 54 billion dollar knowledge process outsourcing (KPO)
industry worldwide by 2010.
''There is a huge investment potential in the
upcoming KPO sector and India is likely to capture around 15 per cent of the
over 54 billion dollar KPO industry worldwide by 2010,'' Mr Nath said, while
addressing the plenary session on 'The Emerging Power of Emerging Markets' at
the 11th International Economic Forum at St Petersburg today.
India has
made rapid strides in attracting foreign direct investment (FDI), he said,
adding that an estimated growth rate of 9 per cent over the next five years
starting 2007-08 would need an investment rate of 35.1 per cent of GDP.
On this occasion, Mr Nath emphasised the opportunities presented by
India's farm and food processing sector which has been identified as a priority
area and also spoke of strength in the gems&jewellery and automobile and
auto-components sector. Further, quoting a McKinsey study, he informed that the
Indian pharmaceutical industry is projected to grow to 25 billion dollar by
2010.
On the issue of the retail revolution, the Minister informed that
organised retailing in India is expected to grow at the rate of 37 per cent in
2007 and 42 per cent in 2008.
This is also offering opportunities in the
real estate sector, he stated.
Mr Nath emphasised the need for
'inclusive development' and said the biggest challenge before the emerging
economies is to ensure that growth and development are more evenly spread.
''The share of emerging markets in global merchandise exports has more
than doubled between 1970 and 2005. From 12.3 per cent share of global exports,
emerging markets now account for 28.8 per cent of global exports. The Asian
emerging markets raced from a mere 5.8 per cent share of global exports in 1970
to 19.6 per cent in 2005,'' he added.
UNI
