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New Delhi : Union Minister for Urban Development M Venkaiah Naidu on March 22, 2017, said that unless we create more wealth, we can distribute only poverty. Addressing the 3rd National Leadership Conclave, organized by All India Management Association (AIMA) here, he said that nations, such as India and China, earlier believed in distribution of wealth, but the focus has now shifted to generation of wealth. He said that Asia particularly India has to come out with creative ideas that create wealth.
Naidu said that India has abundant knowledge but there is a need to recognize and upgrade it. He said that some parts of Asia including India are underdeveloped and development has no meaning when it does not include all, according to a PIB release. The Minister said the poor have to be included in the developmental process. Naidu complimented AIMA for rendering valuable services in terms of management, education and profession in India. He said that good leadership and management is the key to success in any sector. The word ‘Governance’ became a buzzword during the 90s and for good governance, there is a need to reform, perform, transform and inform, he added.
Naidu said that there is a global slowdown since 2008 and in 10 years from now, China, India, Japan, South Korea and Indonesia are likely to be Asia’s largest economies. He said that three of the world’s largest economies are in Asia- China, India and Japan and in next few years, the real competition will be between India and China, as India will overtake Japan soon. He said that China has chosen to concentrate on low cost manufacturing, which has contributed a great extent to its GDP but India has chosen to concentrate on the Service Sector which enabled India as a preferred destination for Business Process Outsourcings (BPOs) due to advantage of the English language. Naidu said that the Make in India initiative was launched to promote India as an investment destination and a global hub for manufacturing and design, said the PIB release.