London: India is becoming globally competitive in several key sectors of the industry and its rapidly rising exports show that it will be a force to reckon with in the near future, High Commissioner to UK Ronen Sen said on August 15.

Addressing a gathering at his residence on the occasion of the nation's 57th Independence Day, Sen said there was a new sense of optimism and confidence among the people of India today.

"The country has shown its remarkable economic progress by taking one of the worst droughts in its stride last year. In fact, India has managed to emerge as an internationally recognised exporter of food grains despite the vicissitudes of the monsoons," he said.

"In several key sectors of the industry too, India is becoming globally competitive and the rapidly rising exports show that it will be a force to reckon with in the very near future."

He noted that foreign exchange reserves have increased to over $ 85 billion and this has not only enabled India to decline official foreign assistance from most countries but also to emerge as a significant donor of foreign aid to the less developed countries and a creditor nation to the International Monetary Fund.

Leading NRI industrialist, Lord Swraj Paul, Ambassador for Overseas British Business, was among a cross-section of members of the Indian community in the UK who attended a reception hosted by the High Commissioner.

PTI