Press Trust of India Posted online: Tuesday, September 14, 2004 at 1519 hours IST
Beijing, September 14: India in its quest for sustained economic growth needs to thrash out national political consensus soon on key issues like FDI and on building world-class infrastructure to catch up with China, global business leaders and analysts said in Beijing.
"The foreign investor puts his money where there is scope for growth and profits. Everybody knows India has the potential. But translating the potential into reality needs political will and bold decisions, which countries like China are willing to take," a top executive of a multinational company said.
Speaking on the sidelines of the just-concluded China Summit 2004 organised by the World Economic Forum (WEF) in Beijing, the executive, who wished not to be quoted, pointed out that a majority of the top business executives and analysts who attended the summit here had mentioned India by name, along with China.
"This itself was a positive signal that the world has started to take note of India's emergence as a potential economic giant", he said.
"China and India are moving so fast that they are going to outstrip the ability of our countries to adjust," dean of the Yale School of Management, professor Jeffrey Garten said at a WEF session on 'economic Outlook: Moving Towards a Market Economy.'
