Suddenly the world is beginning to see India through a different prism. India is clearly perceived as one of the fastest growing economies, and a key driver of global growth, besides China. Time was when American MNCs were demonised in India, as exploitative entities that damagedthe local economy and corroded politics. In the ' 04 US presidential elections,outsourcing American jobs to India was the central economics theme.

As if on cue, India's economy has delivered a GDP growth of 8% in the first half of this fiscal. An average growth rate of 7.5 - 8% in the coming years appears achievable. But all this requires renewed effort. India's policy regime must rise to meet the challenge of sustaining growth to eradicate poverty and rampant unemployment. If India is to emerge as an important world economics power,we must urgently address key areas. India's biggest asset is its human resource. The changing global demographic patterns suggest India will be the youngest major nation in a few decades, far younger than China. There will be a great opportunity for our young, working population to serve ageing nations across the world with skills across different sectors. we must prepare for this great opportunity with a sense of urgency. This will ential creating institutions that will supply technical, vocational and other job - oriented skills on a sustained basis. An education policy that optimally regulates quality of skills being imparted without hampering the growth of such institutions, will help further this objective. It will empower our unorganised workforce, at present, accounting for around 90% of India's total workforce.

First generation entrepreneurs have already changed the face of Indian industry, traditionally dominated by a few industrial family groups. The social and economic base of nextgen entrepreneurs cuts across a board swathe of society. This new paradigm must take deeper roots in coming decades.

The other big challenge before us is how to regulate India's growing urbanisation. The Prime Minister recently spoke of how more than 50% of our population will soon live in towns and cities. Massive infrastructure will be needed to meet basic urban needs.

As India rises as a major power, there will be new opportunities to drive growth in domestic industry and create employment. For instance, our annual difence import bill is close to $ 5bn. Why shouldn't our own private sector collaborate with government - owned defence research and manufacturing outfits and cater to our defence needs? America's defence industry has always been a major provider of employment in the US. India must do the same. We must use every opportunity to boost productivity and employment, there by establishing a self - reliant, indigenous defence sector with strong export capabilities.

While India's fundamentals look bright, the responsibility of ensuring sustained economic and social growth and poverty eradication de-volves on every stakeholder. Government, private sector, the media, NGOs and civil society must come togather to realise India's potential in the furture.