India and France have decided to target a two fold increase in bilateral trade and also achieve FDI inflows of $1 billion within the next three years.Addressing the Indo-French Economic Conference organised by the three chambers of commerce — Ficci, CII and Assocham, French President Jacques Chirac said the target may sound audacious but is very realistic given the way India’s economy has been progressing. ‘‘At a growth rate of 7-8 per cent with a market of hundreds of millions of consumers and a purchasing power multiplied by 5 in 25 years, India constitutes one of the world’s main engines of growth,’’ he said.Earlier, Union minister for commerce and industry Kamal Nath also called for strengthening bilateral trade to the tune of $10 billion in the next 3 years and expected FDI on an average of $1 billion annually.While demanding more open markets, Chirac added that both the countries shared a common understanding of globalisation. ‘‘We never considered globalisation meant the absence of rules. But the necessary partnerships between companies of the two continents should be balanced, respectful of the other’s culture and each one’s know-how and above all favourable to employment,’’ he said.Chirac also said his support to India in its quest for a permanent seat in the United Nations’ Security Council. The President listed sectors like infrastructure, power and energy, IT, aviation and manufacturing as the ones that hold potential for growth. “We understand that $ 140 billion needs to be invested in physical infrastructure in the next 5 years and hope that the services of operators Veolia and Suez will be mobilised for progress in urban planning, water and waste management,” he said.
