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Capitalism historically has been a very dynamic force, and behind that force is technical progress, innovation, new ideas, new products, new technologies, and new methods of managing teams.
Certainly, I cannot say that my government's relationship with Pakistan was free of problems. I think the control of terror is our primary concern. And Pakistan made promises it didn't keep.
The Chinese economy is growing at the rate of 9 percent; the Indian economy growing at the rate of 8 percent - enormous I think opportunities for two-way flow of trade, technology and investment.
No nation, no society, no community can hold its head high and claim to be part of the civilized world if it condones the practice of discriminating against one half of humanity represented by women.
I think, overall, India is today on the move. The economic reforms that our salvation lies in - operating an open society, political system, an open economy, economic system - this has widespread support.
I sincerely hope that whatever influence the United States has in Pakistan, it will convince Pakistan that using terrorism as an instrument of state policy has no place in the world that we want to build.
The death of distance. There is hardly any middle class family in India who doesn't have a son, a daughter, a son-in-law, a brother, a brother-in-law in the United States. That is a very powerful new bond.
The premature migration of very large numbers of people from rural areas to urban areas can give rise to a lot of strains to the urban infrastructure, which can also create problems of crime - law-and-order problems.
Nowhere else you will find a country of India's diversity, of India's complexity, one billion people trying to seek their social and economic salvation in the framework of democracy, in the framework of an open economy.
Agribusiness and food processing are important parts of modernizing our economy, of modernizing our agriculture and moving into a phase where a more modernized agriculture helps not only farmers but also helps consumers.
I honestly feel that if there is an important point of view, any member of the Congress party, any member of my Cabinet is free to raise issues and require reconsideration of issues. I think that's what a democracy is about.
In a world in which technology is changing at such a fast pace, where demand conditions change very fast, we need to look at a more innovative mechanism to cut down on this rigmarole of many tiers of decision-making processes.
India was a late comer to industrialization, and as such, we have contributed very little to the accumulation of greenhouse gas emissions that cause global warming. But we are determined to be part of the solution to the problem.
India has, of course, aspirations of getting out of its poverty, ignorance, and disease which still afflict millions of people. But I do believe that we have something to offer to the rest of the world, including the United States.
India is this great experiment of a billion people of such great diverse persuasions working together, seeking their salvation in the framework of a democracy. I believe it will have some lessons for all the multicultural societies.
Indians, we would like to be a part of the nuclear world order, accepting all the responsibilities that go with being a responsible nuclear power, and at the same time enlarging our options with regard to energy security of our country.
When Indian economy was growing at the rate of 8 to 9 percent, I think everybody was quite happy. Even when there were defects in our policies, they were overlooked, and when the economy slows down, people try to find fault and excuses.
India's future lies in being an open society, an open polity, a functioning democracy respecting all fundamental human freedoms, accepting the rule of law and, at the same time, to emerge as a successful, internationally competitive market economy.
I believe that without looking at each other as rivals or as competitors, in a democratic India, operating in the framework of an open economy, an open society has, I think, some significance for developing countries, not only in Asia but outside Asia.
Protectionism is a very real danger. It is understandable that in times of a severe downturn protectionist pressures mount but the lessons of history are clear. If we give in to protectionist pressures, we will only send the world into a downward spiral.
The first and foremost priority is to finish the unfinished task which the founding fathers of India set out for us at the time of our independence: to get rid of chronic poverty, ignorance, and disease, which have afflicted millions and millions of our people.
I pray for that moment in which I think we can claim to the world that we are now in a different, new era of Indo-American relationship of trust, of working together, partnership strengthened both by our commitment to common values, and also the identity of interests.
If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at a pace which is required to clean up the balance sheet of the banking system and to ensure that credit flows are resumed.
Let me say that I think the economic history of the last 150 years clearly shows that if you want to industrialize a country in a short period, let us say 20 years, and you don't have a well-developed private sector, entrepreneurial class, then central planning is important.
We got government off the backs of the people of India, particularly off the backs of India's entrepreneurs. We introduced more competition, both internal competition and external competition. We simplified and rationalized the tax system. We made risk-taking much more attractive.
I have to create in India a macroeconomic environment where the employment in aggregate can go up at a handsome rate. Once that happens, people losing jobs in one sector will not mean that they will become perpetually unemployed. From one sector, they can move on to other sectors.
Nepal is our closest neighbour, and we must make every effort to ensure that, as a small neighbour, we attend to their perceptions. Even when they are wrong, we have an obligation to create an environment in which the common people in Nepal feel that in India they have a great friend.
We have to walk on two legs. We have to create conditions in which manufacturing and services - the economy outside agriculture - move and move fast enough. And at the same time the working force that is available must have skills which will fit the kind of jobs which will be in demand.
We are a mixed economy. We will remain a mixed economy. The public and private sector will continue to play a very important role. The private sector in our country has very ample scope and I am confident that India's entrepreneurs have the capacity, and the will to rise to the occasion.
I sincerely hope that the difficulties that are there in Iraq and Iran can be resolved, that Iraq will see a new era of hope in which its people will enjoy a full sovereignty. And also the problems that there is with Iran can be resolved through dialogue through giving diplomacy a chance.
I should like to express our profound gratitude to the Americans of Indian origin. The way they have conducted themselves, the way they have worked hard to carve out a niche for themselves in the Silicon Valley, I think this has also given America a new idea about what India is capable of.
Outsourcing, information technology revolution, the access to India's human resources, India's pool of scientists. It will help American companies to become leaner, meaner, more efficient, and they become more competitive, both in the United States and in dealing with the rest of the world.
I have always regarded nonalignment as a statement that India's policies - foreign policy - will be guided by what I describe as 'enlightened national interest.' That means we will make judgments on an independent basis with the sole concern being what is enlightened India's national interest.
The Indian economy grew at 5.5 percent, but if you look at the last 30 years - for example, 1960 to 1985 - the progress made by East Asian countries was phenomenal. In a single generation they had been able to transform the character of their economy. They were able to get rid of chronic poverty.
There are partnerships based on principle. There are partnerships based on pragmatism. And fortunately, when it comes to Indo-American relations, both concentrations find a new robust phase of relationship, a multi-fasted relationship which I believe exists in the interests of both our countries.
The Chinese have certain advantages. The fact that it's a single party government. But I do believe in the long run the fact that India is a functioning democracy committed to the rule of law. Our system is slow to move but I'm confident that once decisions are taken they are going to be far more durable.
Sachin Tendulkar is a guy you don't want to chat to period, because he will knuckle down- Brett Lee tells you why one must never sledge Sachin Tendulkar It is an amazing achievement to play for the country for over two decades and still continue to be the team's anchor. Sachin makes all of us so very proud
So outside agriculture, in manufacturing and services, we must create a lot more jobs. But that also means that we must ensure that our systems of general education and technical education are in line with the job requirements that a more modern manufacturing and a more modern services sector would require.
There was a research I think team, which conducted a survey about what Indians think of Americans, and 71 percent I believe said, well, I think all the nice things about our working together with the United States. But there are people I think that are old mind-sets, who still I think remain mired in the Cold War ideology.
I believe, whether it is the United States or Europe, they will all end up as multicultural societies. So India's this great experiment of a billion people of such great diverse persuasion, working together, seeking their salvation in the framework of a democracy. I believe it will have some lessons for all the multicultural societies.
When I became finance minister in 1991, I discovered that the wealth tax rates income - there was taxation on wealth. It was so atrocious and so high that actually nobody could accumulate money in an honest way. I removed that tax, and the result was that Indian companies for the first time acquired an incentive to grow big, to grow rich.
The emergence of India as a major global power is an idea whose time has come. This is a legitimate ambition for China. This is a legitimate ambition for India. And the challenge for the humanity is to evolve a world system in which the legitimate ambitions of both our countries can find constructive expression without threatening anybody else.
The service of India means the service of those teeming millions steeped in poverty, ignorance and disease. To see that in my lifetime we can soften these harsh edges of extreme poverty and unleash a new economic and social revolution which will bring out the latent creativity and entrepreneurial spirit of our people, I think that's what I feel, I think.
If Pakistan honors in letter and in spirit the commitment that it gave to Mr. Vajpayee in 2004, that Pakistan territory will not be used for promoting terrorist acts against India, the sky is the limit of cooperation between our two countries. Basically, we are the same people. There are ties of religion. There are ties of language. There are ties of culture.
I have always regard nonalignment as a statement that India's policies, foreign policy will be guided by what I describe as enlightened national interest. That we will make judgments on an independent basis, with the sole concern being what is enlightened India's national interest. In that sense, nonalignment remains as relevant today as it was in the early 1950s.
A new India which realizes its destiny in the framework of an open society, in the framework of an open economy, respecting all fundamental human freedoms great respect for pluralistic, inclusive value system. I think that's what unites India and the United States. And I do hope that working together, our two countries can write a new chapter in the history of our relationship.
There are diverse ways in which - right now, terror and all that goes with it is a prime concern. It's a concern of the United States. It's a concern of India. Joint strategies, cooperation, joint sharing of intelligence, in controlling terrorism, in making the world free from terror. I think that's the fundamental, I think, consideration if our development aspirations are to be fulfilled. And I think our two countries can cooperate.
I do believe that India needs a lot more foreign direct investment than we've got, and we should have the ambition to move in the same league many other countries in our neighborhood are moving. We may not be able to reach where the Chinese are today, but there is no reason why we should not think big about the role of foreign direct investment, particularly in the areas relating to infrastructure, where our needs for investment are very large. We need new initiatives, management skills, and I do believe that direct foreign investment can play a very important role.