Q&A of interview with Ambassador Vishnu Prakash of India
By G20NSN on 5 September 2012
1. Would you please introduce India with long and brilliant history as a cradle of ancient civilization briefly to our readers and Korean society?
India is an ancient civilization and yet one of the youngest nations on the planet. The country’s history dates back at least 5000 years. Some of major religions including Hinduism, Buddhism, Sikhism and Jainism originated in India. A true melting pot, India is home to a sparklingly diverse group of people with different ethnic, religious, linguistic and cultural backgrounds. Indians believe in ‘One God or Creator’ who can though have many manifestations. There is also a belief in ‘cause and effect’ leading to emphasis on non-violence, contentment and the right path. India is a continent sized nation, with tremendous geographical diversity, which has imbibed cultural influences from all over the world in the preceding millennia, as well as, greatly enriched the cultural lives of people and countries, far and wide.
At the same time, while the world is ageing, India is getting younger with 70% of her population being below the age of 35. The largest democracy in the world, India is also the second most populous nation today with 1.2 billion people. This is both India’s strength and challenge. The young population is educated, aspirational and diligent. We are also fortunate to have the third largest pool of scientific and technical manpower in the world now.
India is today the fastest growing major market economy whose GDP is likely to cross $ 2 trillion soon. The country offers a consumer market of over $ 500 billion, that is growing annually around 14%, led by a 250 million strong middle class. India’s economic fundamentals are strong and the economy is well regulated. The nation’s saving rate is around 35% of GDP which is re-invested annually into the economy. Our foreign exchange reserves stand around $ 300 billion. India received FDI (foreign direct investment) of $ 158 billion in last ten years while $129 billion was invested abroad, including in Korea, by Indian companies.
2. It was an Independence Day of India on August 15 which might be a same day with an Independence Day of Korea. Which meaning is the Independence Day in India incorporated?
South Korea and India, indeed, share 15 August as Independence Day. We also mark 26 January as the Republic Day in our country, when the people constituted themselves as a Sovereign Democratic Republic and adopted the Constitution of India. National days in India are solemn yet joyous occasions. The proud citizens of the country, rejoice in its achievements while re-dedicating themselves to craft a peaceful, harmonious, equitable and prosperous society. The nation is committed to providing equality of opportunity to all its citizens.
3. We understand that India is a country with multi-cultural society which uses lots of languages and has various tribes. Which national policies does India have to overcome the problems in this point?
Right to Equality in every respect is enshrined in and guaranteed by the Constitution of India. Any discrimination on the basis of gender, ethnicity, religion, caste or creed is treated as a crime and is punishable. A fiercely independent judiciary and vibrant media keep a close watch on safeguarding this Fundamental Right of the people. It is also a matter of satisfaction that a breathtakingly diverse group of people in India, work and live together in harmony. Modern technology, ease of communication and greater mobility has speeded up the process of national integration by enhancing mutual comprehension and understanding.
4. India is one of the most representative and strong country in the South Asia. Would you please explain on which policy in your government is doing for shared growth in the region and world together?
Geographically India is indeed the largest country in South Asia, as well as the biggest economy. We are convinced that our destiny is linked with that of our neighbours. Hence India has been playing a positive and constructive role in promoting stability, peace, progress and development in South Asia and beyond. SAARC or South Asian Association for Regional Cooperation formed in 1985, is a product of this vision. SAFTA (South Asian Free Trade Agreement) has already been launched, in addition to sterling initiatives like a South Asian University (in New Delhi) and SDF (SAARC Development Fund) in Bhutan.
Despite being a developing country ourselves, we have become the 6th largest donor for Afghanistan, having already provided development assistance of over $ 2 billion, as per the wishes and priorities of the friendly people of Afghanistan. During the second India-Africa Forum Summit in Addis Ababa (Ethiopia) in May 2011, India committed $ 5.5 billion in grants and loans, for building capacities and developing infrastructure in Africa. We have our 48 year old flagship ITEC (Indian Technical and Economic Cooperation) Programme under which 158 countries in Asia Pacific, Africa, Latin America and East & Central Europe are invited to share Indian development experience. For example every year, around 5000 slots are allocated to ITEC partner countries to attend various civilian training courses in India.
5. Since establishing the diplomatic relations between India and Korea in 1973, what do you evaluate their relationship between two countries? How do we develop their relationship in the future? What do you expect the cooperation between South Asia and North-East Asia in the future?
The journey of our friendship began 2000 years ago with the visit of a Princess from Ayodhya to Korea in the year 48 AD who married King Kim Suro and became Queen Huh Hwang-ok. India is also regarded as a spiritual home by millions of Korean Buddhists. Given the strong interest in each other’s cultural and traditions, an Indian Cultural Centre was established in Seoul in April 2011. A Korean Cultural Centre is likely to open in New Delhi soon. We have just concluded very successful year-long Festivals of India in Korea and Korea in India. Our cultural ties are poised for rapid growth with greater flow of information and travel. India and Korea are now preparing to celebrate the 40th Anniversary of establishment of diplomatic relations in 2013 in a befitting manner.
Overall, I am happy to note that our relations have been transformed in recent years. During the State visit to India of President Lee Myung-bak in January 2010, we decided to upgrade our relations to the level of strategic partnership. On 1 January the same year, Comprehensive Economic Partnership Agreement (CEPA) was operationalised and has led to a 70% increase in trade, which stood at $ 20.6 billion by the end of 2011. We have jointly established a trade target of $ 40 billion which is very achievable. Billions of dollars in the investments have flown in both directions. Many more are in the pipeline.
I may underline the fact that India and Korea have no conflict of interests. Given similarity in our outlook & challenges, our bilateral cooperation is becoming increasingly strong and diverse, encompassing all areas such as defence and security, energy, science and technology, outer space, cultural, tourism and people to people. Of course trade, economic and political ties provide the locomotion to the relationship.
Huge opportunities await Korean companies in India, as we are in the process of upgrading urban and rural infrastructure. During the current Five Year Plan (2012-17), $ 1 trillion will be invested in new highways, metros, airports, power plants etc. Prime Minister Singh conveyed to President Lee in March that India would be particularly happy to see Korean construction companies, which enjoy an excellent track record all over the world, taking up infrastructure projects in India. Chinese companies have already executed or secured $ 70 billion worth infrastructure projects in India.
6. There are lots of products of Korean companies such as Samsung, LG, Hyundai, etc over the world. Are the Korean products and projects popular in India? Please introduce their evaluation in your country especially.
Korean products have carved out a niche for themselves in India with their quality, competitive price and exceptional after-sale service. It is no accident that companies like Samsung and LG have a market share of over 50 per cent for home appliances in India. Hyundai, which produces more than 600,000 vehicles every year (half of which are exported) from Chennai (India) accounts for close to 20 per cent of the compact car market share. Samsung has an R&D centre in Bangalore which employs 4,000 Indian engineers. We are now working towards facilitating cooperation between the SMEs (Small and Medium Enterprises) in both countries
7. Korea hosted G20 Seoul SUMMIT in 2010 as the chair and completed it successfully. We think that the G20 SUMMIT might not only contribute peace and economic development of the world but also do a role to bridge between developing countries and developed. What is your country’s direction and strategy for G20 SUMMIT as a G20 Country?
At the outset I would like to congratulate Korea for the outstanding organizational effort in successfully hosting the prestigious G 20 Summit. I am privileged to have had a firsthand experience of the same, as a member of my Prime Minister’s delegation, that visited Seoul in Oct 2010. As one of the key emerging economies in the world, India has been a founder member of the G20 Summit Forum. We regard G20 as the premier economic grouping responsible for the health of global economy. Ours has always been an active and constructive voice, in favour of greater transparency, more effective regulation of domestic and global financial institutions, better coordination of policies, free flow of international trade & investments, as well as, adequate fund flows into developing countries. We have cautioned against protectionism in all forms. India has been more than willing to share the burden of easing the financial constraints of troubled regions and economies.
8. Finally, please provide your special message which you would like to give to our readers, subscribers and Korean society.
Land of Buddha, Gandhi and Tagore, India has the greatest admiration, friendship and goodwill for the great people of Korea. We rejoice in your achievements and wish you well. I am happy to note that there is broadest convergence across the political spectrum in India for closest relations with Korea. I see a similar bipartisan political support here. Indian economy has been growing at an average of 8 per cent during the past seven years and is likely to figure among world’s top 3 economies by 2025-30. Democracies and market economies, India and Korea are therefore, natural partners.
