India's frugal development model can drive global growth : Minister

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NEW DELHI : Pointing to the Indian economy's ability to generate more growth while consuming fewer resources, Union Minister of State for Civil Aviation Jayant Sinha on Thursday said India's frugal development model can drive sustainable global economic growth.

 

Addressing the 25th Annual General Meeting here of the American Chamber of Commerce in India, Sinha advocated increased India-America partnership in various fields, and said India's contribution to the global economy will be twice that of the US in the next 10 years.

"Unlike China and the US, which use far more resources, India achieves the fast growth rate while consuming lesser resources.

"China uses over 52 per cent more energy per unit of purchasing power parity (PPP)-GDP of India. It used four times more cement and steel than India for each unit of PPP-GDP," said Sinha adding that China's carbon emissions were far higher compared with India.

He said the frugal and sustainable economic development model was not just enabling India to grow at a faster rate but also will contribute towards global growth.

Sinha said India will contribute almost as much as China and more than twice as much as the USA in terms of absolute economic growth in the next decade.

India produces a wide range of inexpensive items and services ranging from mobile phones, ice creams, shampoos, and motorcycles, he said.

Citing example of electric two-wheelers, Sinha said India and America can work on developing new technologies and innovative products to power the world economy.

"We can apply American technology, American ingenuity to India's manufacturing and designs. Once we develop a solution of electric two-wheelers, that platform can be used around the world. India and America must work together to build upon the frugal development model which will power not just sustainable economic growth for India but for the world," he said.

Just as the United States is the entrepreneurial engine for the most affluent one billion people on this planet, India can now become the entrepreneurial engine for the next six billion people, he said.

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