country are much stronger with average NPAs (non performing assets) at less than 3%, while it is 25% and 50% in China and the US respectively.
Addressing a large gathering of business leaders and bureaucrats at the first ever Global India Business Meeting organized by the Bavarian government here, Anand Sharma, Union minister of commerce and industry, said India has the potential to absorb $500 billion investment in infrastructure , energy, engineering, agriculture, telecom in the next five years. Trade bodies and companies are the engines of growth and the government will provide a support structure with right policies, he said. There is a need to deepen the economic activities in the current scenario. From a country mired in poverty and illiteracy under the colonial era, India today is a fast growing economy. The government has been investing in areas like high- tech, space, science, education, infrastructure, etc.
Quoting a recent study, Sharma said the investment returns are the highest in India at 59%, against 56% in Brazil and 36% in China. The minister said he would call a state industry ministers meet to discuss issues related to attracting investments.
On Indo-German bilateral trade, Sharma said the countries share trade worth $14 billion today. The German state of Bavaria alone has over 60 Indian companies including IT majors like TCS, Wipro and HCL. Speaking on the occasion, Arun Shourie, former minister of disinvestment, communication and IT, said Indians should pay attention to the German qualities of perseverance, reliability, precision and ability to work as a team. The principles of German scholars like Max Muller have helped India in remaking and building after the colonial period , he said.
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