Economy

India wants more foreign capital: Manmohan Singh

Prime Minister Manmohan Singh and Defence Minister A.K. Antony being introduced to the Commanders, by Air Chief Marshall P.V. Naik (left), at the Annual Combined Commanders Conference of the Armed Forces in New Delhi on Monday. Photo: R.V. Moorthy

Prime Minister Manmohan Singh and Defence Minister A.K. Antony being introduced to the Commanders, by Air Chief Marshall P.V. Naik (left), at the Annual Combined Commanders Conference of the Armed Forces in New Delhi on Monday. Photo: R.V. Moorthy  

Pitching for increased foreign investment for a growth of 9 to 10 per cent, Prime Minister Manmohan Singh on Monday said India will have to pay more attention to the Asia-Pacific region but asserted that the country’s “strategic autonomy” would not be compromised.

Addressing top commanders of defence services here, he observed that India’s “toughest challenges” lie in its neighbourhood and the country’s growth ambitions cannot be realised unless peace and stability is ensured in South Asia.

Dr. Singh said as India’s economy grows, the technological capabilities must expand to set higher standards for the modernisation of defence forces and “war fighting doctrines” should be updated to meet “new threats” to the country’s security.

“In the ultimate analysis, the strength of a nation flows from the strength of its institutions, its values and its economic competitiveness,” the Prime Minister said.

“If we are to sustain a growth rate of 9 to 10 per cent in the foreseeable future, we require foreign capital inflow, both portfolio and direct investment, the best of modern technology and access to markets of the advanced economies,” he said.

For this, India needs to maintain “healthy relations” with all major powers, Dr. Singh said but made it clear that the country’s strategic autonomy would be preserved as it is an “article of faith for us“.



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Printable version | Feb 17, 2020 10:03:56 PM | https://www.thehindu.com/business/Economy/India-wants-more-foreign-capital-Manmohan-Singh/article15912499.ece

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