US and EU cannot ignore India

Finance Minister Chidambaram's message to the World Economic Forum emphasizes India's economy.

The curtains may have come down on the World Economic Forum's annual meeting, but India's message to high-profile business leaders at the meet is still reverberating loud and clear -- you simply cannot ignore Asia's third largest economy.

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"The US and EU have to move now," said Finance Minister P Chidambaram, who led the Indian delegation to the WEF.

Chidambaram slammed the West for not addressing the global imbalances for which they themselves were responsible. He also said the rising interest rates in US, weakening of dollar and of course the spiralling oil prices were affecting the developing nations.

"The message we are sending is that India is a fast growing economy, which presents enormous opportunities to countries as well as business community. To foreign investors, the message is -- you can't afford not to invest in India," declared Chidambaram.

"You can't afford not to engage India.... You can't afford not to have a trade agreement or work with India in a multi-lateral foray... India is on the move and you can't ignore us," Chidambaram said.

There was also a lesson to India, he said emphasising that "other countries like China are stepping on the accelerator. Therefore, we need to move at a similar pace. Everybody recognised that we are aiming at the right direction." he said

He also stressed on need for faster reforms, speedy infrastructure development and higher investment in farm sector to push up growth to 10 per cent.