We will join league of developed nations in 14 years: Chidambaram

Finance Minister P Chidambaram expressed confidence that India would join the league of developed nations in less than 14 years and the country's services exports would touch $150 billion by the end of the decade.

"It has taken India 14 years to evolve from a poor and perhaps-forgotten country to a thriving and increasingly-noticed emerging economy. I am confident it would take us much shorter than 14 years to join the league of developed nations," he said at the "Advantage India" session of the ongoing the Asian Development Bank annual meeting here today.

Stating that the country has emerged as the second most attractive investment destination among transnational corporations, Chidambaram said one half of the multinational companies earned higher returns in India than their global average.

"I understand that all the European and American banks operating in India are more profitable here than their global average," he said.