Investor confidence in India at all time high 

By : |May 3, 2006 0



NEW DELHI: Finance minister P Chidambaram said that
investor confidence in India is all time high today.

Speaking at the “Advantage
India
” function, held during Asian Development Bank’s (ADB) 39th annual
general meeting (AGM) here today, he referred to various studies to support this
claim.

“Some of the factors that have made the world sit up and take notice of India
include sustainable GDP growth, higher earnings and savings, integration
with global economy, India’s ongoing services boom, and manufacturing
sector,” the minister said.

Detailing the contribution of India’s ongoing service boom, Chidambaram said,
“According to Dr. Jeffrey Sachs, India is meeting almost 70 per cent of the
world BPO
market requirements. In software and services, India is already a leader in
the low- and medium-technology area.”

Expressing confidence on India to have a growing presence in high-end technology
consulting within the next two years, he said, “The 25 per cent -30 per cent
annual growth in services exports will continue in the next six years — and
that will take the “invisible” exports to about $150 billion by the end of
the decade.”

Giving the example of clinical research, Chidambaram said, “Doing clinical
research in India is 40 per cent – 60 per cent cheaper than in developed
countries. Since clinical trials comprises around 70 per cent of total costs of
a new drug, using India could bring down the average cost of $800 million for a
new drug by around $200 million – $250 million.”

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