"India is keen to increase trade ties with
Commonwealth countries and has the capacity to engage with the world on all
fronts - economic, political or sports. Now it's time to prepare for the future
as there is limitless opportunity in India." said Anand Sharma, India's minister
of commerce and industry.
"Trade between Commonwealth countries will look into
more diverse sectors as there are sweeping changes happening in recent
decades," said Sharma, while addressing the Commonwealth Business Forum
2010 (CBF) in New Delhi.
Two-way trade between India and Commonwealth nations
currently stands at about $80 billion, which is expected to grow manifold in
the coming years.
Rahul Bajaj, former chairman, Commonwealth Business
Council, emphasized the need to form global partnerships as a huge potential
exists in emerging markets which can be penetrated.
"There is huge potential for India to increase its
trade with Commonwealth member countries," he said. "New markets have
to be explored, with a mutual benefit model. As all the Commonwealth countries
have similar economic and social situations, it is easier to operate in
them."
The Indian economy is expected to grow by 9.7 percent in
2010 and 8.4 percent in the next fiscal, driven by robust industrial production
and macro-economic performance, according to a International Monetary Fund
report released on Wednesday
"This is the time to be in India, this is time to
invest in India and this is the time to partner India's development saga,"
said Indian Minister of State for Agriculture and Consumer Affairs K. V.
Thomas.
"The opportunities for business during sports events
are very large. In Delhi, itself, the estimates for the city infrastructure,
sports venues and other necessities stand at close to $10 billion," he
added.
Thomas said the Games was likely to create nearly 2.5
million jobs in the next few years and would substantially boost economic
growth.
"We will be gaining from this event for many years
to come. It is expected to create 2.5 million jobs over the next few years. Its
economic impact is estimated to be nearly $5 billion," he said.
Michael Fennell, president, Commonwealth Games
Federation, said the Games will leave behind a rich legacy of infrastructure
which businesses will use to maximize their objective.
Ajay S. Shriram, chairman, CII Business Club India, said
the natural outcome of CWG is jump shift in the way Commonwealth countries do
business.
"This lays a strong foundation for forming mutual
links which will lead to robust demand. There is a huge potential and private
sector should take the lead and act as a catalyst for growth," he said.
"Market driven economy, microfinance, frugal
innovations and similar market conditions shared by Commonwealth countries will
help all these countries form trade linkages more easily," said Gregor
MacKinnon, MD, Commonwealth Business Council, United Kingdom.
