India, growing hub for foreign investors

"The remaining 15 per cent are on the way to make profit," he said at an investors meeting organized by the Commonwealth Business Council.

Giving a comparative picture of India and China, he said "In India the investment is driven by the domestic market while in China it is driven by the export market."

Kamal Nath said India's greatest future is its vast human resources - 400 million people in 15 to 35 years age group.

Observing that India 2005 was different from the past, he said, "India is ready to take off."

Rahul Bajaj, chairman and managing director of Bajaj Auto and co-chairman of the Council said, "We are globalising and liberalising. In the last decade the share of trade has doubled from 17 to 32 per cent and India has become a natural hub of globalisation."

Emphasizing that India has the advantage of a low-cost structure in-spite of certain deficiencies in the sphere of power and ports, he said "Control and red tape must be further reduced."

The meeting was attended among others by Dr Mohan Kaul, director general Commonwealth Business Council, Kamalesh Sharma, High Commissioner of India to the UK, Sir John Parker, chairman, National Grid Transco, William Peddar, chief executive, Inward Investment UK Trade and Industry, Prof Robert Worcester, chairman, MORI, and Sir David Wright, vice chairman, Barclay's Capital.