ENA Sectors 2017-03-22 10:30:11 <p><strong>New Delhi, Mar 22 (KNN)</strong> 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.</p> <p>He was addressing the 3rd National Leadership Conclave, organized by All India Management Association (AIMA) here today.</p> <p>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.</p> <p>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.</p> <p>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.</p> <p>Naidu said that India has abundant knowledge but there is a need to recognize and upgrade it.</p> <p>He said that some parts of Asia, including India, are underdeveloped and development has no meaning when it does not include all.</p> <p>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 Asias largest economies.</p> <p>He said that three of the worlds 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.</p> <p>The Minister of State for Civil Aviation, Jayant Sinha said that Indias 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.</p> <p>He said that the developmental model of India is good for Asia and the world.</p> 16685 http://knnindia.co.in/news/newsdetails/sectors/china-chose-low-cost-mfg-and-india-chose-to-concentrate-on-service-sector-which-made-it-top-bpo-destination-naidu 2017-03-22 10:30:11 knnindia.co.in