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Dr Singh was addressing an annual leadership Summit in New Delhi attended by global and national business and political leaders.
“Brand India is slowly but surely coming to be recognised all over the world. The widening global footprint of Indian professionals and entrepreneurs is, therefore, altering the priorities of our foreign policy,” said the Indian prime minister.
“In 1991, I had said that the emergence of India as an economic powerhouse was an idea whose time had come. Over these past two decades, this idea has shaped our relations with the world, with all major powers, with our Asian neighbours and across the Indian sub-continent,” he added.
Dr Singh said that greater integration with the world economy is benefitting India.
Meanwhile, the Indian rupee rose for the third consecutive day on Friday gaining another 11 paise to 61.64 per dollar on persistent selling of the US currency by banks and exporters in view of strong foreign capital inflows.
Ahead of general elections scheduled for May next year, the prime minister also urged the India-watchers “not to lose sight of the Big Picture”.
“Through all the ups and downs in the face of global challenges….our economy is on a rising growth trajectory,” asserted Singh.
After years of growth of 8 to 10 per cent, the Indian economy began to slow in 2010. It is believed to have expanded by around five per cent in the 2012-13 fiscal year.
However, the economist Indian prime minister acknowledged that the biggest challenges faced by his government in “trying to sustain this process of inclusive growth has been to bring rates of inflation down and keep the fiscal deficit under control”.
India has been among the worst-hit by the US federal Reserve’s decision to consider tapering its economic stimulus package.
The 80-year-old, who has been prime minister since 2004, has repeatedly said rich countries should pay more attention to the impact of their policy steps on developing economies.