Wednesday, Aug 25, 2004
Wednesday, Aug 25, 2004 |
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By Our Special Correspondent
NEW DELHI, AUG. 24. The time has come to move ahead on the unfinished part of the agenda on the industrial and tariff policy reform initiated a decade ago, the Prime Minister, Manmohan Singh, said today at the inaugural function of the J.R.D. Tata Centenary Celebrations here. "Much of this is in the realm of [the] State Governments. Further reform of industrial and tax policies, efficient functioning of municipalities and renewal of urban infrastructure and ending the so-called inspector raj are all issues the State Governments must address," he said. Noting that in China, an industrial establishment was visited by six inspectors, one each to monitor adherence to laws pertaining to taxation, environment, labour, workers' health and working conditions, municipal laws and product quality as against 30 in India, he said this would be one of the focus areas of the soon-to-be-reconstituted Trade and industry Council. Declining ratio Dr. Singh said that when he was Finance Minister, the ratio of gross domestic capital formation and private corporate sector capital formation to gross domestic product was 26.9 per cent and over nine per cent respectively. These ratios went down to around 23 per cent and six per cent in recent years, he said. This needed to be reversed, he felt. "I do not have to reassure this audience about my commitment to economic reforms and growth. However, I do so because I am fully aware of the apprehensions and anxieties that many of you entertain," he said Tributes to JRD Paying tributes to J.R.D. Tata, Dr. Singh said the visionary industrialist had played an important role in the conceptualisation of the "Bombay Plan" in 1944. He also recalled that the Congress Government had conferred the Bharat Ratna award on J.R.D. Tata in 1992, the first captain of industry to be so honoured. The Prime Minister also praised Fakir Chand Kohli, N.R. Narayanmurthy and Azim Premji for their pioneering role in the IT revolution and the creativity and exemplary work of Ranbaxy, Dr. Reddy's Labs, Cipla and Piramals in pharmaceuticals.
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