India's economic growth rate is expected to outpace the ASEAN region in 2001-02 financial year, according to data shared by officials in preparation for a summit later this year. India is expected to register 4.4 per cent growth in the fiscal year ending March 31 while the ASEAN growth is expected to be around 3 to 3.2 per cent in calendar 2001 compared with 5.4 per cent in calendar 2000, Shashank, Secretary, Ministry of External Affairs secretary (Economic Relations) said at a two-day India-ASEAN Joint Coordination Committee (JCC) meeting.
India, that has recently been given a summit-level entry in ASEAN, has emphasised its liberalised economy is sound and growing. New Delhi's 'Look East policy' seeks larger interaction and partnership with the Southeast Asia. India has been invited to attend a summit with ASEAN group in Cambodia, and has also agreed to host a trade and industry summit at home.
According to the ASEAN economic outlook shared by the JCC, ASEAN feared its economies could weaken more in the aftermath of the September 11 attacks on US, but were now likely to improve in the second quarter of 2002, partly thanks to domestic fiscal stimulus strategies. Bureau Report