UNI
Asian Age
December 6, 1999
Title: India on the move, series of reforms ahead: PM Author: UNI Publication: Asian Age Date: December 6, 1999 New Delhi: Prime Minister Atal Behari Vajpayee, buoyed by the swift passage of the Insurance Regulatory Development Authority Bill recently, on Sunday declared that the government would soon initiate a series of other financial sector reforms to improve the efficiency of banks, financial institutions and stock markets. "India is on the move," Mr Vajpayee said. Delivering the inaugural address at India Economic Summit organised by the Confederation of Indian Industry and the World Economic Forum, Mr Vajpayee also called for a new relationship between the government and domestic industry. "I call this relationship the dharma of partnership," Mr Vajpayee said. "Our roles are complementary to serve the common goal of promoting the people's welfare." Mr Vajpayee asked the business community to be accountable to the people and the community, and not only to the shareholders. "Why should only governments and people's elected representatives be expected to be accountable for their actions," Mr Vajpayee said. Mr Vajpayee said the Centre's goal was to achieve a sustainable rate of growth of seven to eight per cent, and to make quick and viable reductions in poverty, unemployment and regional imbalances. The Prime Minister said the government would take decisive steps in the sectors of power, telecom, ports, airports and highways. "We are determined to speedily increase the size of the export basket and diversify its content," Mr Vajpayee added. To make these sectors more attractive to both foreign and domestic private investors, emphasis would be laid on improving decision-making and implementation of policies and projects, Mr Vajpayee said. "The government shall radically simplify rules and procedures that cause delays," he added. "Armed with a renewed mandate from the people of India in the recent elections, our government has begun to formulate appropriate policies, programmes and legislative initiatives," Mr Vajpayee said. He added that areas like information technology would be given special attention as it would lead to massive wealth creation. Praising the performance of Indians in the software industry, Mr Vajpayee said the government was determined to create the conditions necessary to enable bright and enterprising young Indian entrepreneurs to re-create the magic of Silicon Valley. The Prime Minister said an economically resurgent India would be a source of stability and long-term growth for the world economy. He added that people in both developing and developed economies were willing to support liberalisation and globalisation provided these reforms would benefit everybody, especially the poorest, and if they preserved national and cultural identities. Mr Vajpayee also outlined a globalisation path, saying the challenge before all those in governance, business and administrations is to steer the growth in global trade, business and economy along the lines of fairness, equity and sustainability. Mr Vajpayee added that for globalisation to deliver the desired boom in the next century the watchwords should be the good of all and not the greed of a few; long-term growth and not short-term gains, cooperation based on complementary strengths and not conflict rooted in unhealthy competition.
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