The Hindu : CM sees new `sense of confidence' in Indian economy

Online edition of India's National Newspaper
Saturday, Jan 10, 2004

Andhra Pradesh

Andhra Pradesh

CM sees new `sense of confidence' in Indian economy

HYDERABAD, JAN. 9. With the growth of the Gross Domestic Product (GDP) put at 8.4 per cent for the last quarter and projected at 9 per cent for the next two quarters, "There is a new sense of confidence pervading the Indian economy," observed the Chief Minister, N. Chandrababu Naidu.

Speaking at the valedictory session of the Partnership Summit here on Friday, Mr. Naidu was confident that India would become a developed nation by the year 2015 or 2020 and a superpower by 2040 and that States like Andhra Pradesh would play a major role in India's development.

The Union Commerce Minister, Arun Jaitley, was also present on the occasion.

While appreciating political reforms initiated by the Centre like introducing the `open ballot' for Rajya Sabha elections and the recent legislation to curb defections, he said there was a need for more reforms in the areas of administration, labour and judiciary.

Mr. Naidu said the country was witnessing a new age of globalisation. In the first phase multi-nationals had located their Research and Development units and domestic production in their countries and exported output. In the second phase, big firms started moving their production facilities to countries where wages were cheaper. "Now, we are witnessing a scenario of growing number of companies setting up regional headquarters and relocating their decision making centres to destinations across the world. Our track record has been impressive and India has begun charting its own success story," he observed.

"India has a bright future and you will not get better returns anywhere in world. Your investments are safe and you will be safe unlike in some countries, which I do not want to name," he said. Mr. Naidu also requested the Confederation of Indian Industry (CII) to hold the Partnership Summit in Hyderabad once again in 2006, after a year's gap.

Sunil Kant Munjal, vice-president, CII, said the Prime Minister's announcement on Friday removing all restrictions on Indian companies investing abroad was a "fantastic move" and the industry was looking forward to further measures on the export-import front, he said.

The Major Industries Minister, K. Vidyadher Rao, suggested that local domestic markets should also be made available to units, which have been set up in the Special Economic Zones (SEZ). Progressive measures were needed on the labour laws front at the national level, he felt.

K. K. M. Kutty, Chairman, CII (Southern Region), said 14 plenary sessions were held during the three-day summit, besides 11 networking sessions. He said 1,200 delegates including those from 17 countries participated.

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