Rising economies of India and China will not have an adverse impact on the ASEAN but will only help the member countries of the South East Asian trading bloc, Minister of State for Industry Ashwani Kumar has said.
"India's strengthened presence in the global economy would boost the country's imports, which can increasingly come from the ASEAN nations," Kumar said at a session on Regional Agenda - Asia, at the World Economic Forum meeting in Davos.
With the prestigious WEF annual meeting adopting the theme of 'Shifting Power Equation', the focus has turned toward Asia, particularly on India and China.
However, questions have also been raised on whether the two most populous countries of the world would grow at the cost of others in the region.
"In fact, as a result of high growth leading to increase in wages, some of the production bases could shift to the ASEAN economies," Kumar said.
In another session, Kumar said India had liberalised its mining policy and opened the sector to foreign and domestic private investment. India produces 84 minerals and is self-sufficient in 35.
Kumar is part of the ministerial delegation led by Commerce and Industry Minister Kamal Nath.
He further indicated that a long term iron ore exploration and export policy is being formulated.
More investment including FDI is needed in the Indian mining sector, while prices of coking coal and iron ore would soften in the future, he added.