'India need to discover new markets'

He said the country should also focus on the creation of wealth.

Dasgupta said Philippines is one such market where there is 'ample scope for investment and business'.

"What is most required for India to tackle the economic downturn is to discover new markets and strengthen existing markets and focus on creation of wealth," Dasgupta said during an interactive session organized by the Confederation of Indian Industry (CII) here on Monday.

He said, "The global economy is going through a stressful and difficult period and every country is facing the stress."

Dasgupta also spoke on business investment opportunities in New South Wales, Australia and Philippines.

Speaking on Philippines, he said: "Philippines is one such market where there is ample scope for investment and business. "

"IT sector is one such area. Apart from BPOs and call centres there is more to this industry where India can spread its wing like cloud computing," said Dasgupta.

Dasgupta said education is one sector that has huge scope and that transportation, telecommunication, tourism are such markets which can be 'captured and explored by India'.

"In West Bengal we grow pineapples some of which are damaged, some food processed but rest are all waste. But in Philippines all waste are converted into fibres and made into textiles. Thus, trade opportunities in Philippines are immense which are waiting to be unveiled by India," he said.