India aspires to grow faster, eyes Africa: Jaitley

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New Delhi, Oct 27 (ANI): India wants its economy to grow much faster, Finance Minister Arun Jaitley said on Tuesday, as Asia’s third-largest economy eyes new opportunities for trade and economic cooperation with Africa. Speaking at a seminar held before a major India-Africa summit to which all of the continent’s 54 countries have been invited, Jaitley said that China had a few decades advantage over India and the country had delayed its reform process. However, he said India aspires to grow much faster. India has decided to set up a project development company in Africa, Jaitley said in a speech to the event organised by Exim Bank. India’s annual trade with Africa has grown to $72 billion but lags China’s $200 billion. Jaitley added that India attaches high importance to its relationship with Africa. The India-Africa Forum Summit is the third of its kind and, the first was held in 2008. India is also in talks with South Africa to buy coal mines producing up to 90 million tonnes of coking coal each year to feed its growing steel industry. South Africa is already a major coal supplier to India.

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