The Hindu Business Line : 15 business bodies sign MoU to network with NRIs, PIOs

(Left to right) The Chairman of Bharti Enterprises, Mr Sunil Mittal, the President of FICCI, Mr Y.K. Modi, Lord Meghnad Desai, Professor of London School of Economics, the Economic Advisor to Finance Minister, Mr Ashok Lahiri, and the Chairman of Sabre Capital Worldwide Inc, UK, Mr Rana Talwar, at a seminar on `Globalisation, Indian Economy and the Diaspora' on the second day of `Pravasi Bhartiya Divas' in the Capital on Saturday. - Kamal Narang

New Delhi , Jan. 10

WITH a view to formalising the global network of persons of Indian origins (PIOs) and NRIs, and connect the business hubs within the diaspora, 15 business associations and chambers of commerce today signed an MoU.

This move is a step towards conferring competitive advantages on the diaspora and enhancing its presence in the global market, a Federation of Indian Chambers of Commerce and Industry (FICCI) release said. FICCI will serve as the Secretariat for this cooperation.

As part of the understanding, the `Diaspora Business Associations' (signatories of the MoU) have agreed to exchange information on critical areas such as general economic environment, government policies in relation to investments and sectoral strengths of the respective regions. The members will also facilitate trade and investment flows and promote other related exchanges between their respective representative enterprises.

Speaking at the occasion, Mr Arun Jaitley, Minister of Commerce and Industry, urged the PIOs and NRIs to play the role of brand ambassadors of India Inc.

He said, "You are huge opinion leaders. This is a role you will have to continue to play." On India's knowledge-based human capital, he said that the challenge ahead is to spin off this advantage into a knowledge economy. He expressed confidence that this could be a bold step towards making the country the `knowledge centre' of the world. In this regard, he drew attention to some of the Fortune 500 companies that have set up their R&D bases in India. The Minister said that this was possible only because the best quality minds were available at the most competitive cost.

Mr Jaitley said that the "mindset'' of India is undergoing a fast change as result of which a "feel-good'' factor is evident today. Saying that the service sector has made India proud, he affirmed that the manufacturing sector in the country also required a "push''. "That is where the jobs will come from," he added.

Stating that agriculture and the rural sector poses a great challenge for the country, he stressed for the need to upgrade rural facilities such as roads, schools, health centres and credit facilities. Criticising the distortion in agriculture trade, he asserted that the challenge is to leverage food surplus and cater to the world market in a competitive way.

The Minister also said, "India had the potential to replicate in the manufacturing sector its successful transformation into an outsourcing hub for the global IT industry."