Financial Daily from THE HINDU group of publications
Thursday, Jan 08, 2004
Financial Daily from THE HINDU group of publications Thursday, Jan 08, 2004 |
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Industry & Economy
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Events We must focus on infrastructure, says Mahindra Our Bureau
Hyderabad , Jan. 7 WHILE the economic growth projections are like music to the ears, the Confederation of Indian Industry President, Mr Anand Mahindra, articulated the need to sustain this trend and advocated a three-pronged approach that could catapult Indian economy. Addressing the visiting delegates and other participants at the CII Partnership Summit, Mr Mahindra said, "Over the next few years up to the year 2010, as a nation we would have to focus on infrastructure, which has a multiplier effect on economy, agriculture, where we need to put the house in order, and focus on human development and improving the quality of life." Mr Mahindra said the year gone by presents a very satisfactory picture covering the sensex breaching the 6000 barrier, an 8.4 per cent GDP growth, overflowing forex reserves and significant foreign capital inflows and a 13 per cent rise in exports. "We need to look at some areas of concern — scams and corruption, an unprecedented deterioration in the rate of public sector savings that have gone from a high of 2 per cent of the GDP to a negative 2.5 per cent, a growing fiscal deficit and lack of speedy reforms. The competitiveness is hindered by a lack of faster fiscal reforms," he said. The Andhra Pradesh Chief Minister, Mr N. Chandrababu Naidu, in his keynote address said that the State had created a conducive environment for investments. "Andhra Pradesh received Rs 1,36,227 crore in terms of investment proposals from 1991 to 2003. In terms of investment proposals that have been implemented, we are first in the country with a strike rate of 68 per cent. We are again first in terms of live investments in the manufacturing sector with Rs 30,179 crore. From 1995 to 2003, industry has provided employment to over 1.8 million people in the State," Mr Naidu said.
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