The European Union has called on India to open up its economy for attracting FDI in core sectors worth $150 billion. This move has been sought by Indian Prime Minister Manmohan Singh for 10 years.

At the India-EU Business Summit in New Delhi, President of the European Council and Prime Minister of Britain Tony Blair said, "The future clearly belongs to opening up of the economies. Globalization is not a matter of debate, it is a reality."

Blair also dispelled fears about job losses in developed countries due to outsourcing. He said that the outsourcing of business processes actually boosted the profits of local business houses. Blair added that outsourcing was here to stay, as it helped economies of the developed countries.

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