New Delhi, Mar 22 (KNN) China chose low cost manufacturing which has contributed a great extent to its GDP but India chose to concentrate on Service Sector which made is a preferred destination for BPOs, said Minister of Urban Development M. Venkaiah Naidu.

He was addressing the 3rd National Leadership Conclave, organized by All India Management Association (AIMA) here today.

Naidu said, “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.

Unless we create more wealth, we can distribute only poverty, Naidu stressed adding 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.

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.

The Minister of State for Civil Aviation, Jayant Sinha said that India’s development is frugal since we use less carbon, less capital and less natural resource to create a product and at the same time make the product affordable to all.

He said that the developmental model of India is good for Asia and the world.