UN report hails India`s model of economic reforms
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02/03/2004
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Pioneer (New Delhi)
Members of a UN Commission on 'private sector and development' have commended the model of economic reforms followed by India which has led to multinational corporations becoming instruments of development along with domestic industry and entrepreneurs. In the developing world, some countries, like India, have been "very successful" in achieving rapid growth and overcoming poverty over the past 20 years, they said. The primary responsibility for development lies with the developing nations themselves. The rich countries should do their part but, more frequently than not, policy failures could be found in developing nations themselves, the commission said in its report "Unleashing entrepreneurship: Making business work for the poor."