(RTTNews) - Kamal Nath, the Minister of Commerce and Industry, while addressing the Hero Mindmine Summit, said that from a national perspective, India will remain one of the fastest growing economies in the world over 2008-09 to 2010-11.

The minister added that along with the BRIC and GCC economies, India would contribute around 35% to 37% of incremental global GDP growth through the calendar years 2008 to 2012.

Nath emphasized that Indian certainly more integrated to the world economy today. The ratio of total external transactions (gross current account flows plus gross capital flows) to GDP rose to 117.4% in 2007-08 from 46.8% in 1997-98. These numbers are clear evidence of India’s increasing integration into the world economy.

Speaking at the summit, the minister said the current global situation might well be an opportunity for India and its captains of industry to innovate, prove their business acumen and move in to fill the vacuum being vacated. He added that Indian is better positioned than most other markets to attract pools of global capital like sovereign wealth funds, long-term insurance and pension assets and infrastructure funds.

The Minister underlined the measures initiated by the Indian Government to stimulate the economy, namely, additional plan expenditure in the current year for critical rural, infrastructure and social security schemes, reduction of cenvat, by 4%, authorization to the Indian Infrastructure Finance Co. Ltd. to refinance bank lending for infrastructure project, pre-shipment and post shipment export credit, government back up guarantee to ECGC, refinance facility for the National Housing Bank etc.

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