Financial Daily from THE HINDU group of publications
Friday, Jul 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jul 23, 2004 |
||
|
|
||
|
Industry & Economy
-
Economy `Investment panel, a positive step' Our Bureau
New Delhi , July 22 THE proposed Investment Commission is a positive initiative that could improve the investment climate in the country, Mr H.S. Singhania, former President, International Chamber of Commerce (ICC), Paris, and President, JK Organisation, has said. At a panel discussion on `India in the Emerging Global Scenario,' organised by ICC-India, he said, "The setting up of such a commission would be beneficial to the domestic industry." Stressing the importance of development finance, he said the availability of finance at competitive rates is critical, and universal banking should not be confined to consumer finance only. Pointing towards the GDP growth pattern of developing countries, Mr Singhania said in the emerging global economy, economic power is slowly shifting favourably towards developing countries from developed countries. Describing Asia as a major growth driver in the global economy and China as a star performer, Mr Singhania said Chinese growth is both a big challenge and opportunity to India. China is a competitive economy with better infrastructure and less regulation. Its emergence as the biggest market gives greater opportunities to India, he said. He also said that there is an increasing integration within Asia in terms of production and trade networks. Both inter-regional trade and investment in Asia have grown substantially in recent years, he pointed out. Talking about the challenge that India faces, Mr Singhania said lack of infrastructure, high transportation costs, attitude and mindsets are acting as stumbling blocks to economic growth. The Government and bureaucracy should be facilitators and enablers, not controllers. Also, it needs to be recognised that time is money. Delays are affecting the economy badly and this makes India a non-competitive destination, he said.
More Stories on : Economy
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
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 © 2004, 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
|