Modi has infused energy in Indo-Africa ties: Shyam Saran

Concluding the four-day summit with Africa that saw 52 countries from the continent attending the meet - the largest delegation since the dialogue started 7 years ago - Prime Minister Narendra Modi announced a USD 10 billion concessional credit line for Africa over the next five years. His outreach is being seen by many as an attempt by India to play catch up with china. However is this too little too late? CNBC-TV18' Ronojoy Banerjee tries to find the answers with Former Foreign Secretary Shyam Saran and Jude Emeka Chukunalu Member, Nigerian Business Delegation.Below is the transcript of the interview.Q: Now we all heard the Prime Minister today making a very strong pitch for closer ties between India and Africa. It was the largest congregation of political leaders from Africa since the summit in fact started in 2008. So, would you say that the summit was a success in the sense of catapulting India's position as a key partner to the African continent?Saran: Yes, it would be fair to say that it has because as you yourself mentioned that we have had virtually a full house as far as the attendance is concerned. We have virtually all the important African leaders who are represented in Delhi and you may have seen the speech that Prime Minister Modi made this morning where some very ambitious co-operation plans have been announced. He has announced that for the next ten years India will be making available something like USD 10 billion in concessional credits to Africa, that there will be USD 600 million of that in grants, there will be a USD 100 million for and India-Africa development fund, there will be USD 10 million for health fund.So, if you look at what has been put forward by the Prime Minister we are really looking at a very expanded economic engagement with Africa and a development engagement with Africa for the next few years.Q: You heard India's former foreign secretary speak. Do you think India can play a more significant role in the region vis-à-vis China?Chukunalu: Yes, I believe strongly that India can have a stronger influence in Africa but it need to work on it, the point being that the costs of shipments between India and Nigeria is not all that very good for business people but China has reduced their own minimally to compete with any other country that wants to invest in Africa and it has been helping them in many ways because in business people want to have most profits, that is business. When you are doing a business and you are not making a lot of profit then it is no longer business. So, India has to work towards that subsidy. I believe in Indian products but I would like the products to be well finished to compete enough with Chinese products.