India an emerging economy: Nath

The new paradigm is that of a "credible India" with a six-decade old credible democracy, rule of law, an independent judiciary.

Making a strong pitch to business leaders from Commonwealth, Commerce Minister Kamal Nath has said India is rapidly ascending from being a base for low-end processes and operations to high-end Research and Development in sectors like pharmaceuticals and avionics that can make it a vibrant source of intellectual capital for the world.

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"Today, we are immensely proud to be the 'default choice' as the world's Back-Office. Our IT-enabled and other services exports top $40 billion a year. We have also evolved into a low-cost base for a range of goods and services," he said last night at a meeting organized by the Commonwealth Business Council at the Marlborough House here on the topic "India: The New Paradigm."

"India, at the same time, is rapidly ascending the knowledge chain. We are no longer a base only for low-end processes and operations. The unique combination of IT, biotech and a strong pharma and bulk chemical manufacturing base means that high-end R and D in sectors like pharmaceutical research, avionics can put India on the global knowledge map as a vibrant source of intellectual capital for the world.," he said.

The new paradigm was that of a "credible India" with a six-decade old credible democracy, rule of law, an independent judiciary and free press and an economy witnessing a sustained growth of 7 to 8 per cent year after year," the Minister said.

"India also has a foreign exchange reserves of 150 billion dollars, and whose merchandise exports will touch 100 billion dollars this year," he pointed out.