Business Daily from THE HINDU group of publications
Friday, Jul 21, 2006


News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Industry & Economy - Entrepreneurship
India needs more risk-takers: PM

Our Bureau

`Look at investment and trade opportunities in our larger neighbourhood'


MEET THE CAPTAINS: (From right) Mr Rahul Bajaj, Mr Azim Premji, Mr R.P. Goenka, Mr Keshub Mahindra, Mr Ratan Tata, Mr Saroj K. Poddar and Mr V. Krishnamurthy at a meeting of Council on Trade and Industry with the Prime Minister in New Delhi on Thursday. V. Sudershan

New Delhi , July 20

The Prime Minister, Dr Manmohan Singh, on Thursday, urged industry to move beyond Indian boundaries and take more risks and harness their entrepreneurial abilities.

Addressing the Prime Minister's Council on Trade and Industry, Dr Singh said that the country needs "more risk-takers and entrepreneurs who are willing to think big and think into the future."

Dr Singh said, "Indian industry must take a more serious look at investment and trade opportunities in our larger neighbourhood." A beginning could be with South Asia and eventually extended to South-East Asia, West Asia and Central Asia, he said.

Dr Singh pointed out that the overall climate for investment has improved and would continue to do so. He said that the growth rates have increased in the past three years, including the rate of growth of industrial production and added that the business climate for the foreseeable future is positive, despite the constraints imposed by high oil prices and gaps in infrastructure.

"On both fronts, our Government has taken steps to narrow the gap between supply and demand," he said.

NMMC report

He said that the reports submitted by the National Manufacturing Competitive Council (NMCC) and the Investment Commission would be now circulated to the State Governments to make them aware of the industry's view on the issues related to manufacturing and investment growth.

He urged the industry to pay attention to employment generation and the welfare of the working class.

"You must also pay special attention to issues like displacement of rural folk in areas where large industrial units are being set up. There is no reason why there should be a confrontation between business and the rural poor. Rather, the rural poor should welcome new industries in their areas since these do create new employment opportunities. We have had some trouble in recent months relating to displaced persons and this should be avoided. We must be careful and avoid such controversy especially in the case of special economic zones and industrial parks," Dr Singh said.

He said that Indian business must come to terms with the fact that countries in Asia are coming closer economically and India cannot lag behind.

R&D initiatives

He also drew attention to research and development (R&D) initiatives undertaken by the industry. Dr Singh said, "In our country, R&D expenditure is largely in the public sector. We need to reverse this because it is investment in R&D that can keep you ahead of competition."

He also expressed concerns over India's inability to make use of the opportunities created following the dismantling of the Multi Fibre Agreement.

More Stories on : Entrepreneurship | Economy

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
The Hindu Opportunities Fair at Coimbatore


Contingency plan to tackle scanty rainfall
Manufacturing initiative on the anvil
WTO and eco-friendly trade
Russian vessel unloads record quantity of DAP at Kandla
Board of Trade nominee
`High HIV/AIDS rate may affect economic growth'
ONGC mulls competitive financial packages for key staff
Crude output rises in June
Nuclear major Areva calls India `first priority' market
Govt targets 15,000 MW hydel capacity
`India will be world champions in fast breeder reactors'
Taxing Ministry
Duty cut on textile intermediates
Govt to make standards for tyres mandatory
Ex-gratia to CBEC staff killed in blasts
MBA admissions
Tata Motors offers CNG options for Indica, Indigo
Pegasus Realty plans Rs 400-cr housing project in Chennai
New Skyline SFS project
HUDA plot fetches record rates
Nasscom plans 3 more cyber labs
Duty drawback rate hike too small: AEPC
AEPC plans road shows in EU, Japan
Hoist by its own petard?
CII moots skills development bank
Waiting for soundbyte
India needs more risk-takers: PM
Income-Tax staff to stage walkout on July 31
Sectoral export target meeting advanced to July 27
Millers yet to firm up wheat import deals
`Sugar export ban can't be indefinite'
Hyderabad's digital map launched
Rajasthan Govt's `Adopt a monument' scheme finds takers
Delhi court rejects ex-MP's plea to go abroad


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line