The Hindu Business Line : S. Rethinavelu, Sr. President, Tamilnadu Chamber of Commerce and Industry; Thiagarajar School of Management, Madurai

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S. Rethinavelu, Sr. President, Tamilnadu Chamber of Commerce and Industry; Thiagarajar School of Management, Madurai

— G. Moorthy

Mr S.Rethinavelu, Senior President, Tamilnadu Chamber of Commerce and Industry, speaking on ‘Global Financial Crisis’ at Thiagarajar School of Management in Madurai.

Our Correspondent

Madurai, Nov.20 India must continue with the globalisation process with necessary changes, taking the lessons from the present global financial crisis. Capital spending should increase to sustain growth and development in the present scenario, Mr S.Rethinavelu, Senior President, Tamilnadu Chamber of Commerce and Industry, said here on Wednesday.

He was speaking on the ‘Global Financial Crisis’ while inaugurating Mercury’s Court — the Economics and Entrepreneurship Forum symbolising the Roman God for Commerce, at Thiagarajar School of Management under the aegis of Business Line Club. Mr Rethinavelu said the crisis might usher in a reversal in the globalisation process as America and Europe are deeply affected. But India should continue the process.

India has been less dependent on exports for its growth and to that extent stood insulated from the crisis. The policy framers, both past and present, should be appreciated for not blindly following the globalisation process, nurtured on excess consumer credit and undue passion for stock market activities tuned to serve foreign interests in the name of financial integration. The situation has brought forth a new world scenario in which the developed countries, unlike before, are willing to hear voices from the emerging countries such as India as is evident from the invitation to participate in their summits. With reference to the impact of the crisis on the country, he said the slide in the Index for Industrial Production from 7 per cent to 4 per cent pointed to a negative growth in certain segments such as textiles, leather and steel. The Information Technology sector, with 60 per cent of activities focussed towards the US, is greatly affected but the emerging needs in European countries hold out an opportunity, he said.

He suggested that the country should go for more capital spending and strengthen the infrastructure sector to sustain generation of income and employment. Mr Rethinavelu gave away prizes to the winners of Cartoon and Poster competitions held as part of the inauguration of the Forum.

Mr T.Murali, Regional General Manager, The Hindu, Dr M. Nagaraju, Principal, and Dr N.Rajasekaran, Forum Co-ordinator, were present.

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