Tamil Nadu - Vellore   

'Entrepreneurship-strong India does not need foreign investment'

By Our Staff Reporter

VELLORE, JULY 19. India does not need foreign investment to achieve economic growth as its entrepreneurship and technological skills are strong and globally competitive, S. Gurumurthy, columnist, said today.

Speaking at a discussion on `Union Budget 2004-2005' organised by the Department of Management Studies of the Vellore Institute of Technology here, he said the extent of foreign investment was no longer considered the benchmark of a country's economic status.

China today needed a lot of foreign investment since it had destroyed all entrepreneurship. The entrepreneurs left the country for better pastures. Therefore, China was importing entrepreneurs. But in India entrepreneurship was strong and was becoming global and beginning to acquire new skills.

Mr. Gurumurthy said companies such as Tatas and TVS showed to the world that they could manufacture cars and two-wheelers of world-class technology without foreign investment. TVS customised its technology in its laboratories and came up with a technologically superior motorcycle. Tata's achievement in manufacturing cars was so great that Rolls Royce entered into a collaboration with the company for car manufacture.

Mr. Gurumurthy said the media ignored these success stories of the Indian economy. The vernacular media merely imitated the English media, which too was not immune to lobbying, he said.

Era. Sezhian, former MP, said the Union Budget was "lofty and high-sounding in words, but low in numbers".

G. Viswanathan, VIT Chancellor, who presided, appealed to the Left parties to review their economic policies in the national interest.

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