India believes in globalisation not protectionism: NITI Aayog

New Delhi: India believes in globalisation and foreign direct investment in the country will grow “unabated” despite talks on “protectionist” policies in the West, NITI Aayog CEO Amitabh Kant today said.

Addressing a gathering of senior diplomats from various countries and business leaders at the annual Ambassador’s Meet here, he also asserted India is young and ambitious and it wants to keep the growth rate target of 9 per cent.

“We have seen Brexit, and (US President Donald) Trump talking of protectionism. But, we believe in globalisation and we have opened up India’s economy.

“Our FDI growth has gone up by 60 per cent while the world FDI has fallen by 16 per cent. So, our FDI regime will grow unabated despite trends to do the reverse being seen globally, at places elsewhere,” Kant said.

The NITI Aayog CEO also said India has become a centre of “frugal engineering” and technology will help it “leapfrogg” in multiple sectors, including health and innovation and make the country more prosperous.

Kant also emphasised on the economic roadmap of India, saying, “mobile telephony and biometric-driven services” would be the future.

A Trade and Investment Facilitation Service (TIFS), a one-stop-shop portal set up by the PHD Chamber of Commerce, was also launched on the occasion.

High Commissioner of Canada to India Nadir Patel said Indo-Canadian ties were “booming, thriving and getting stronger”.

“All metrics are going in the right direction but Canada and India can do more together. And also collectively with multilateral cooperation. I also hope business chambers in both countries would work closely together,” he said.

Acting Deputy Chief of Mission, US Embassy, George N Sibley, said, America wants to be “player and not a spectator” in helping India on its growth story.

“Prosperity of India is in our national security interest. And, growing ties in trade and other areas is in our interest.

Amar Sinha, Secretary, Economic Relations, MEA, said, “Energy security, food security, and defence production were three main sectors in which India seeks cooperation with other counties.”

The meeting hosted by PHD Chamber was attended among others by about 5-10 Ambassadors and nearly 50 other senior diplomats from the European Union and African countries, a senior official if the chamber said.