THE INDIAN ECONOMY IS AMONG THE TOP TEN ECONOMIES IN THE WORLD -SHEKHAWAT

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Vice President, Shri Bhairon Singh Shekhawat has said the Indian Economy is among the top ten economies in the world. The reform and restructuring process initiated in the 90’s is paying good dividends. We have set for ourselves an ambitious target of an 8% GDP growth rate in the next five years. Despite an unfavourable global economic climate, our exports grew by an impressive 19.2% in 2002. Vice President was addressing the Indian community at the reception hosted by the Myanmar-India Business Club at Yongon in Myanmar today. Following is the text of his address:-

"I am delighted at this opportunity to interact with you. Let me thank the Myanmar-India Business Club for hosting this reception.

Last week in India we celebrated Deepawali festival – the festival of lights, enlightenment and prosperity. I bring to you Deepawali greetings and wish you good luck, happiness and prosperity in the year ahead.

Myanmar is home to tens of thousands of people whose forefathers came here generations ago from India and other parts of the sub-continent. There may even be a few in this audience whose ancestors hailed from my own state of Rajasthan. I know Goenkas certainly have their roots in Rajasthan !

The Indian Diaspora now numbers more than 20 million. Indians are present in over a hundred countries. There is worldwide respect for Indians and their talents. Indians in Myanmar are an integral part of this global family of Indian community. The Parvasi Bhartiya Divas organized in New Delhi in January this year was a recognition of your excellence, your contribution and our abiding links. I am especially happy that the Indian community in Myanmar was represented at the Pravasi Bhartiya Divas celebrations and I hope that in future too, Myanmar’s Indian community will participate in the celebrations, which have now become an annual feature.

Yangon and Mandalay are deeply embedded in the memory of our nation. It was in Mandalay that leaders like Lokmanya Bal Gangadhar Tilak, Lala Lajpat Rai and several others were imprisoned. It was in Yangon that Netaji Subhas Chandra Bose delivered his inspiring call for courage and heroism to the Indian National Army, which echoed across India and shook the foundations of the colonial empire.

Indeed, India and Myanmar have been closely associated since time immemorial. There are visible spiritual, cultural, and ethnic similarities between the people of the two countries. Both India and Myanmar are imbued with immense diversities. Above all, we are neighbours destined to live together. It is a matter of satisfaction that our relations have improved and strengthened, acquiring a multi-dimensional character. There is on both sides a great deal of goodwill and commitment to move forward on a path of greater cooperation and stronger friendship.

Myanmar can play a crucial role in India’s "Look East" policy. Myanmar’s strategic location coupled with its abundance of resources provide Indian entrepreneurs with excellent business opportunities. Political relations between India and Myanmar are at their best and an improvement in economic relations is a natural corollary.

The Myanmar-India Business club obviously has a special role and responsibility in imparting greater content to our bilateral ties. Our annual bilateral trade with Myanmar has grown over four fold from the early '90s. It is now at about half a billion dollar mark. This is a positive development, but I would say that the present level is not commensurate with the clear potential. I understand that the Joint Trade Committee, which was set up recently, has set a target of US $ 1 billion in the next three years. Your Club should help achieve this goal. I am also very pleased to learn that this Club has been supporting cultural and community events. These activities are important to keep alive as well as to promote a better understanding of our cultural traditions.

An excellent opportunity for Indian businessmen to display their achievements and strengths will be provided by the CII’s "Made in India Exhibition", which is scheduled to be held in Yangon in February 2004. Active participation by entrepreneurs from India will certainly lead to a greater demand for Indian products and make Indian businessmen aware of what more Myanmar can export.

We also need to promote tourism between the two countries. India and Myanmar have a common cultural and historical heritage, which needs to be preserved and passed on to successive generations. It is essential that the youth of both countries should learn about each other and visit each other’s country for better understanding and social bonding.

Today, India has won for itself a place of its own in world affairs. The resilience of our people and our society has been demonstrated time and again and the principles we represent vindicated by history. There is a vibrant spirit of confidence and optimism in India. I am certain that you share pride in our common heritage and achievements.

The Indian economy is among the top ten economies in the world. The reform and restructuring process initiated in the '90s is paying good dividends. We have set for ourselves an ambitious target of an 8% GDP growth rate in the next five years. Despite an unfavourable global economic climate, our exports grew by an impressive 19.2% in 2002. The stories of the Green Revolution, the White Revolution, the transformation of the pharmaceutical industry are as remarkable as the immense success we have achieved in Information Technology. No less impressive are India’s achievements in fields such as atomic energy and space, and we have a promising future in biotechnology. The value of our human capital is appreciated the world over. At the same time, we have remained committed to the principle of unity in diversity and to a vibrant, participative political system. This is no mean achievement.

I am happy to learn that the Indian community living here is making significant contribution to the development of Myanmar. I compliment you for this. Each one of you is an ambassador of India and collectively you are the foundation of India-Myanmar cooperation. On our part, let me assure you that your well-being remains our concern. I extend to you warm greetings and good wishes of the people of India".