The Hindu Business Line : PM asks CEOs to emulate Chinese growth model

The Prime Minister, Dr Manmohan Singh, being welcomed by the FICCI President, Mr Onkar S. Kanwar, at the inaugral session of the `Indian CEOs — Competencies for success' summit in the Capital on Saturday. — Kamal Narang

New Delhi , Jan. 22

THE Prime Minister on Saturday assured the Indian industry that his Government would remove all barriers to growth and encourage Indian companies to go global, both in the public sector and private sector, and urged them to emulate the Chinese growth model.

"Our motto should be to do as well as China in terms of growth of GDP, growth of manufacturing, growth of trade and growth of infrastructure," Dr Singh said, while inaugurating the SCOPE-FICCI-CII Summit of Indian CEOs here. Dr Singh said that while the public sector is an instrument of national security and economic growth, the country cannot afford to waste public resources by allowing public sector enterprises to function below par.

Stating that the public sector will not be promoted as a social security mechanism to merely provide employment, Dr Singh said, "We must strengthen their hands so that they can provide effective leadership and manage public resources more efficiently."

``We must think big and think boldly. We must move away from paradigm of incremental growth to a paradigm of exponential growth and growth into unchartered territory," Dr Singh said in his inaugural address.

Stressing on the need to move towards a global scale in the manufacturing and services sector, the Prime Minister said the success stories of the public and private sectors should be replicated so that more and more Indian firms go global.

Identifying one of the main reasons for the slow growth rate of the economy, the Prime Minister said that "we seem to have high-thinking abilities but modest doing capabilities. This is, in some ways, a national cultural trait."

"We are good at conceptualisation, at abstraction, at thinking but not as good at execution, at implementation and at doing. Understanding this and recognising the problem is in itself a movement forward," he said.

In this context, the Prime Minister added that "the next step is to deal with it. I do hope that your organisations and firms will take the next step to redress this imbalance in our managerial capabilities."

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