Union Minister of Trade and Commerce Arun Jaitley, said the second Pravasi Bhartiya Divas was being held at an appropriate time as over the past few years India has become the focus of global attention.

Addressing the delegates from across the world Jaitley said change in India's mindset is what is attracting global attention.

Pravasi Bharatiya Divas: Complete Coverage

"We are moving from controlled economy to liberal economy, which is helping us in moving forward at a faster rate. The Indian economy is more confident and vibrant today than ever before," he claimed.

The minister emphasised that the agenda of Indian politics is also changing. "We have to compete with China which is doing well."

" The days of brain drain are over. We have now become a brain bank. Big business houses world over are moving their research and development works to India. In near future developed countries would be short of 40 million brains which India could provide and help the world to move ahead with development," he said.

Jaitley said only those countries whose manufacturing and agriculture sectors were strong enough were in a position to compete with China, adding that to meet these challenges it was essential to have global hub of various business associations and chambers of commerce and industry.

Commenting on the prevailing situation in Jammu and Kashmir, Jaitley said, peace in Kashmir and North Eastern states has boosted the confidence of the investors.