The Hindu Business Line : Call to expedite reform process

Growth in unemployment has emerged as a major concern and the best way to address this is to expedite the reform process and cover more sectors, thereby touching more sections of society, according to Dr Abid Hussain.

Speaking at a two-day meet on showcasing Andhra Pradesh, Steps Towards Rapid Industrialisation, Dr Hussain, former Indian Ambassador to US, said, "In many areas in the country, we have managed to bring in change. But we continue to be attuned to the closed market approach. This mindset has to change and we need to reform faster to keep pace with the rapidly changing economic landscape."

"In today's global knowledge economy, where science and technology have emerged as a driving force for change, knowledge is nobody's monopoly. Yet it is ironical to note that barely 2 per cent of the world's science and technology is accounted for by India, as opposed to about 50 per cent by the US. This anomaly should change. This cannot change unless we reform faster," he said.

While India has initiated some steps to tap into the knowledge economy, which is yielding excellent results, Dr Hussain, a former Commerce Secretary, said "this alone will not help, as we need to broaden the scope to cover areas such as manufacturing and other services. Research studies show that for every one per cent growth in S&T, there is significant growth in other services sector."

There have been instances of certain States in the country, which have shown traits to reform the existing system. States must come to terms with the concept of privatisation.

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