Highlighting the continued growth story of India, the government today said the country is likely to capture 15 per cent of the over $54 billion market in the upcoming knowledge processing outsourcing (KPO) industry by 2010.
Pointing that India was one of the few fast-growing economies, Commerce and Industry Minister Kamal Nath said the country had huge potential in the KPO sector.
Addressing the Plenary Session on the "Emerging Power of Emerging Markets" at St Petersburg, the minister said an estimated growth rate of by India over the next five years would require an investment rate of 35.1 per cent of GDP.
Nath said organised retail in India was expected to grow at 37 per cent in 2007 and 42 per cent in 2008, thereby presenting opportunities even to the real estate sector.
Quoting a McKinsey study, Nath said the Indian pharma industry was projected to grow to $25 billion by 2010.
The minister emphasised the opportunities presented by India's farm and food processing sector, which has already been identified as a priority area. He also spoke of India's strength in the gems and jewellery and automobile and auto-components sector.
Nath identified the change in the global trade as a result of the rise of the emerging markets. "What better example to cite the growing clout of emerging economies than India, which has recorded the fastest GDP growth in 18 years, with the economy growing 9.4 per cent in 2006-07. While India continues to alter the coordinates of global trade, the country itself has seen robust growth in manufacturing ...Very few countries in the world match these growth rates," he said.
