(VOVworld) – At the 5th India-Arab Partnership conference in Muscat, Oman, Minister of State for External Affairs Mobashar Jawed Akbar said India is poised to become the world’s manufacturing hub.
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It is already a hub for research and development, innovation, and technology start-ups. The Indian start-up industry has 20,000 companies, worth 80 billion USD and employing 325,000 people. Mr. Akbar said large numbers of young, educated Indians are employed in the Indian IT industry, which generates revenues of 170 billion USD and exports 110 billion USD annually. Mr. Akbar said India is preparing itself for transformation under the dynamic leadership of Prime Minister Narendra Modi through sweeping regulatory changes and administrative reforms.