Govt says CWG may add USD 5 bn to economy, create 2.5 mn jobs

Minister of State for Agriculture and Consumer Affairs K V Thomas invites the business community of Commonwealth nations to invest in India


Prasanna Mohanty | October 5, 2010

The government today said the ongoing Commonwealth Games may add about USD 5 billion to the Indian economy and create about 2.5 million jobs in the next few years.

Inviting the business community of Commonwealth nations to invest in India, Minister of State for Agriculture and Consumer Affairs K V Thomas said opportunities for business during sports events are very large.

"It is estimated that the (Commonwealth) Games will have an economic outcome of close to USD 5 billion over the next few years and succeed in adding 2.5 million new jobs. In fact, we will be gaining from this event for the next many years," Thomas said at the Commonwealth Business Forum here.

He said the 12-day-long games will create a new brand image for India as a global player, helping it strengthen and deepen the business partnership with Commonwealth countries.

"The opportunities for business during sports events are very large. In Delhi, itself, the estimates for the city infrastructure, sports venues and other necessities stand at close to USD 10 billion," he said.

Thomas said sectors like agriculture, infrastructure, modern technology, manufacturing and services have huge opportunities and potential for the 71-nation Commonwealth grouping.

"The business opportunities derived from agriculture in India are enormous and not sufficiently exploited by overseas businesses. India has 14 agri zones and is capable of producing a wide variety of grains, fruits and vegetables," he added.

He said India faces a large technology deficit in terms of agriculture productivity.

"Our yields are far lower per unit area than that of other countries. This has implications for companies in technology and machinery, agri inputs such as fertilisers, biotechnology and other areas," Thomas said.

"The absorption capacity of the Indian farming sector for such technology and advanced equipment is high," he said.

He said that with the country's economy likely to grow by over 10 per cent in the next few decades, "This is the time to be in India, this is time to invest in India and this is the time to partner India's development saga."

Two-way trade between India and Commonwealth nations currently stands at about USD 80 billion, which is expected to grow manifold in the coming years.



Other News

Making sense of facts – and alternative facts

The Art of Conjuring Alternate Realities: How Information Warfare Shapes Your World By Shivam Shankar Singh and Anand Venkatanarayanan HarperCollins / 284 pages / Rs 599 Professor Noam Chomsky, linguist and public intellectual, has often spoken of &ls

The Manali Trance: Economics of Abandoning Caution in the Time of Coronavirus

The brutal second wave of the COVID-19 pandemic in India has left a significant death toll in its wake. Health experts advise that the imminent third wave can be delayed by following simple measures like wearing a mask and engaging in social distancing. However, near the end of the second wave, we witnesse

Govt considers fixing driving hrs of commercial vehicles

Union Minister of Road Transport and Highways Nitin Gadkari has emphasised deciding driving hours for truck drivers of commercial vehicles, similar to pilots, to reduce fatigue-induced road accidents. In a Na

Telecom department simplifies KYC processes for mobile users

In a step towards Telecom Reforms which aim to provide internet and tele connectivity for the marginalised section, the Department of Telecommunications, Ministry of Communica

Mumbai think tank calls for climate action

Raising concerns over rising seawater levels and climate change, Mumbai First, a 25-year-old public-private partnership policy think tank, has written letters to Maharashtra chief minister Uddhav Thackeray, minister for environment and climate change, tourism and protocol, Aditya Thackeray and Mumbai munic

Creation of ‘good bank’ as important as ‘bad bank’ for NPA management

After the recent announcement of the government guarantee for Security Receipts (SRs) to be issued by a public sector-owned National Asset Reconstruction Company Ltd (NARCL), there is a surge of interest around this desi version of a super bad bank. The entity will acquire around ₹2 trillion bad debts fr

Visionary Talk: Gurcharan Das, Author, Commentator & Public Intellectual on key governance issues


Current Issue


Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter