SME Times News Bureau | 27 Jan, 2012
Transaction costs reduction has resulted in bringing down the costs for exporters by about USD 450 millions, Minister of State for Commerce & Industry Jyotiraditya M. Scindia said on Thursday at Davos.    

Speaking at a panel at the Annual Meeting of the World Economic Forum Scindia said, "Transaction costs reduction has resulted in bringing down the costs for the exporters by about USD 450 millions."

The Indian minister added that a strong initiative to reduce the transaction costs has been undertaken by the Ministry of Commerce for enhancing the trade performance of the Indian industry.

On foreign investment, the minister said that India has become one of the most attractive destinations for foreign trade investment due to its policy liberalization.

He observed the unique growth model of India which believes in equitable and inclusive growth.

Giving examples on initiatives of Government of India: such as creation of National Skill Development Mission, National Manufacturing Policy, DMIDC, etc. he emphasized that goal of India should not only to be to prepare for providing talented and skilled work Force for its own needs but also to be the Human resource basket for the world.

He also mentioned that the National Investment and Manufacturing zones envisaged under the national manufacturing policy will be the green field infrastructure townships, benchmarked with the best manufacturing hubs in the world.

Scindia chaired two Panel discussions at the Annual Meeting of the World Economic Forum at Davos.

Chairing another discussion panel on “Future of South Asia” at the World Economic Forum, Scindia emphasized that economic growth and political stability are deeply inter-connected and demographic governance, by ensuring efficient delivery of public goods and justice lie at the core of political and economic stability.

He mentioned that liberalization in India is inextricably linked to sustainable and inclusive growth and has helped the business and regulatory environment to successful move towards greater transparency and efficiency.

Speaking on the India's demographic dividend, he emphasized the fact that India is presently among the world’s youngest nations with a median age of 25 years. He also mentioned that we in India have to improve profitability in the agricultural value chain and also move people away from agriculture to manufacturing and service sector.

Speaking about the economic integration of South Asia, Scindia mentioned that a dynamic and outward looking, South Asia can bring huge benefits not only to the region but also to the world.