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Globalisation is irreversible: Manmohan Singh

     New Delhi: Prime Minister Manmohan Singh emphasised here on Monday that the trend of globalisation in the country was irreversible and India must be prepared for greater integration with the evolving world economy. "In order to become part of the emerging globalised world, we are committed to bring our tariffs down to ASEAN levels. We are also working actively to bring the economies of south and South East Asia closer," said Singh in his inaugural address at the 25th India International Trade Fair (IITF). "We are on the threshold of unveiling an India-ASEAN FTA and the SAFTA will come into effect from the next year," said Singh. "Our efforts to create an Asian Economic community and to also become members of the Asia-Pacific Economic cooperation keeping in mind the requirements of domestic employment and enterprise, will bring us closer to the major economies of the world," he added.

    IITF is one of the biggest trade fairs in the world, approved by the Union Foires de Internacionale de Paris. With more than 30 countries participating, this year, the country in focus is Thailand. At the national level, Uttaranchal is the partner state, while West Bengal is the focus state. The theme of the fair is "Infrastructure - Power and Communications." About 7500 enterprises from India and abroad are participating in this year's fair. "The magnitude and scale of participation from both India and abroad is evidence of the robust health of Indian economy, in particular, our industry and affirmation of the tremendous market potential that our country has to offer to the rest of the world," he said.

    The Prime Minister emphasised that there was no external constraints to India's growth. "The world wants India to succeed. The global community will be happy to see us participate more actively in the global exchange of goods, services, ideas and people. If at all there is a constraint, it is at home," said Singh. The constraints are illiteracy, ill-health, low incomes, poverty and poor infrastructure, he said emphasising the country had a long way to go in developing world class infrastructure. He promised that his government was determined to address these problems. "We recognise that our infrastructure must be world- class for us to compete with the world. There has been inadequate attention paid to the development of basic infrastructure of modern industrial development. This we are committed to reverse," he said. India needs to address major policy and implementation issues in power and coal sector, he said adding condition of power distribution companies should be improved and State Electricity Boards made "viable, healthy and efficient." "On their health depends the investment climate in power generation sector. I hope this matter engages attention of all state Governments as shortage of power can handicap them critically in their quest for growth," he said. The Prime Minister pointed out that India has now become one of the fastest growing economies of the world. "Growth has averaged more than 7 percent in the last three years and we expect to repeat this performance in future and to improve upon it," he said. "Given the young age profile of our population, our rising saving rate and the inherent dynamism among our entrepreneurs, I am confident that we will sustain, and hopefully improve upon , this rate of growth," he said. This will enable us to rid our country of mass poverty, illiteracy, want and disease, he added. Commerce and Industry Minister Kamal Nath, Uttaranchal Chief Minister, N D Tiwari, West Bengal Chief Minister, Buddhadeb Bhattacharjee, Assam Chief Minister Tarun Gogoi, and Minister and State for Commerce Elangovan were also present on the occasion.

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