India is poised to capture a large chunk of global business on the back of high economic growth, liberal foreign direct investment regime and a skilled human reservoir, Commerce Minister Kamal Nath said on Friday.
"With the economy growing at 8 per cent, our liberal FDI policy and demographic strengths, the country is poised to capture a major part of global business," he said at a Hero Mindmine seminar in New Delhi.
The minister said the Indian corporate sector was also making great strides by expanding operations and acquiring international companies. However, he said, the private sector must help bridge the divide between the booming urban areas and the poor rural sector.
The economic reforms to be pursued by the government should be all inclusive, he said.
On FDI in retail, he said the government was in the process of finalising a model that does not displaces the existing employment in the sector.
India is under tremendous pressure from the US and EU to open up its retail sector to foreign direct investment, but the Left parties, which prop up the United Progressive Alliance government are opposed to it.
Nath said India has emerged as a strong force in global forums such as the World Trade Organisation, where the country was at the forefront of negotiations.
Speaking on the occasion, Bharti Enterprises chief Sunil Bharti Mittal said new technology and access to global capital were the key factors that have propelled India's growth in recent years.
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