Riding on its high growth rate, India is now graduating from a "call centre destination" to a "supplier to global markets," the chairman of real estate giant Emaar Properties has said.
"India is steadily closing in on the 10 per cent economic growth rate. The record GDP growth rate of 9 per cent in the first quarter of 2006 proves that the country has moved beyond being a 'call centre destination' and displays a broader platform for growth", Emaar chairman Ali Alabbar said.
"As India's industries become tomorrow's suppliers to global markets, India will move towards a GDP in excess of USD 800 billion in 2007", he told business portal AMEinfo.
Emaar Properties, a real estate giant of the Gulf recently announced a foreign direct investment of USD one billion in the Indian real estate sector, the portal said.
Emaar has unveiled several projects in India including the Hyderabad International Convention Centre.
Together with India's MGF Developments Limited, it is undertaking residential and commercial projects, special economic zones and IT parks almost all over the country including in Punjab, Delhi NCR, Andhra Pradesh, Karnataka, Tamil Nadu, Kerala, West Bengal, Gujarat and Maharashtra, the report said.
Emaar MGF also plans to build 10 to 15 luxury and 40 to 45 business hotels in India with an initial investment of USD 1 billion in the next 3 to 5 years, it said.
India figures prominently in Emaar's healthcare and education expansion plans as well, the portal said.