Giving the valedictory address at the All India Management Association's national convention, Jalan said the country's foreign exchange reserves were comfortable and enough to service import requirements of six months.

Dwelling on developments of recent origin of relevance to the Indian economy, he pointed out that "death of distance" as a result of advances in communication technology would make location irrelevant to decision-making in business. Besides, he said, the services revolution had underscored the fact that it was a pre-condition for ensuring growth unlike the situation till recently when it was considered as a marginal activity.

He added that the mobility of capital was also a key determinant in the country's growth prospects and stated that if opportunitieswere seized in time, India could become one of the fastest growing nations in the world in the next 10 years. On the theme of the convention, Jalan said: "To face increased global competition, it is important to concentrate on our long-term competitive strength and gear our research & development, technological requirement and managerial strength towards that end." Jalan also delivered the valedictory address at the National Institute of Bank Management in Pune.