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Our Bureau

New Delhi , May 27

THE Prime Minister, Dr Manmohan Singh, has emphasised that the Government's policy would be to encourage the strong development of Indian industry.

Addressing a high-powered delegation of the Confederation of Indian Industry (CII) which called on him on Thursday, the Prime Minister said that theGovernment would create an environment conducive to productivity, growth, innovation, creativity and risk-taking by Indian corporates.

In a statement CII has said that the Prime Minister also assured the delegation that there would be continuity in the reforms programme and added that the Government policies would be foreign investment-friendly. Besides, Dr Singh indicated that the overall approach would be to encourage greater value creation by Indian industry.

In addition, the Government would want to see a vibrant domestic capital market through an environment, which would encourage foreign institutional investors (FIIs).

The statement adds that the Prime Minister observed that the Government would want to bring about greater professionalism, higher use of technology and enhanced efficiency in the nationalised banks.

On the issue of interest rates, Dr Singh said that a pragmatic approach was called for to encourage savings on one hand and make industry efficient on the other.

Further, the Prime Minister said another priority area of the Government would be to revitalise the rural areas and called on the corporate sector to play a key role in enhancing rural development through improved connectivity by way of roads, information and communication technology and marketing inputs among others.

The industry delegation included the CII President (Elect) Mr Sunil Kant Munjal and the past-President, Mr Jamshyd N. Godrej.

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