Special Correspondent

Helsinki: Addressing the seventh EU-India business summit here on Thursday, Prime Minister Manmohan Singh said the process of growth in India "is now more sustainable than ever before," and urged European firms to participate actively in the "infrastructure boom" in the country.

Stressing the country's "open economy, open society and open polity," Dr. Singh said India and the European Union were natural partners and needed to deepen their relationship in all spheres. India, he said, had tried to address some concerns expressed by businessmen in the past, citing the new rule permitting 51 per cent equity in single brand retail outlets and the recent amendments to the Indian Patents Act as examples.

"Given our comparative advantage in manpower and now a fully compliant IPR regime, investments in knowledge-based industries, including R and D facilities, can be very attractive. In fact, over a hundred of the Fortune 500 MNCs have already set up research bases in India," he said.

In an ironic reference to the colonial past of European enterprise, he invited EU businesses "to show the spirit of adventure and enterprise of your forefathers and set out to explore the opportunities in India once again. A new India is ready to welcome you with a sense of confidence and hope in the future."