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'India must become top investment destination'

A Correspondent in New Delhi

Globalisation is inevitable and it is in India's interest to reap the benefits by becoming 'destination number one' for foreign investors, said Bajaj Auto chairman Rahul Bajaj at the India Economic Summit in New Delhi on Tuesday.

He was speaking on 'Is India afraid of globalisation?' at the summit, organised by the World Economic Forum and Confederation of Indian Industry.

Bajaj urged the West to try and minimise the existing inequality that exists between the developed countries and the Third World. He said developed countries must understand the needs of the developing world and through a successful negotiating round at the World Trade Organisation, help achieve a win-win situation.

He said India has been on the globalisation path for long now and the question of being afraid does not arise. He urged corporates in India to be competitive and take full advantage of the scenario and make India the number one destination for foreign investors.

Speaking on the occasion, Lord Charles Powell, chairman of Sagitta Asset Management, UK, identified technological progress as the main driving force for globalisation.

He identified a large English speaking population, technical competence and political stability as the strengths of India and said India should take complete advantage from these.

He said that though globalisation in not totally devoid of disadvantages, the gains from it outweigh these drawbacks.

Krishna Pillai, president of Alstom India, highlighted the importance of globalisation, which has its drawbacks too. He said globalisation is inevitable so one cannot avoid it.

John Rutherfurd Jr, president of Moody's Corporation, was the moderator for the session.

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