The Hindu : International / India & World : 'New mindset at work in India'

Online edition of India's National Newspaper
Tuesday, Sep 21, 2004

International

International - India & World

'New mindset at work in India'

By Harish Khare

LONDON, SEPT. 20. The Prime Minister, Manmohan Singh, began his first day in Britain with a breakfast with British industry and business leaders as also some influential opinion-makers.

Among his breakfast guests were Lord Sterling, Sir Robert Wilson of the BG group, Bill Gammell of Cairn Energy, Sir David Clementi of the Prudential group, John Napier of Royal and SunAlliance and Colin Stanbridge of the London Chamber of Commerce. Besides the business leaders, the guest list included Mark Leonard, Director of the Foreign Policy Centre, John Chipman of the International Institute for Strategic Studies, Victor Bulmer-Thomas of Chatham House, Nick Pearce of the Institute of Public Policy Research, Andrew Gowers, editor of The Financial Times and Bill Emmott, editor-in-chief of The Economist.

Dr. Singh told the breakfast group that "a new mindset was at work" in India, eager to integrate the country in a global economy and reminded his guests that it was he who began the process of opening up India's economy to foreign investments. He quoted the great economist, J.M. Keynes, to the effect that "investment is an act of faith," and, then, added, "I invite you to have faith in India. We have surprised the sceptics before, and we shall surprise the sceptics again." He told the breakfast group that it was "a tribute to the Indian genius" that the process of economic reforms that began in 1991 had survived a change of three governments. India was more open now than before.

Dr. Singh was asked about the state of decision-making play, given the new Government's dependence on the Left parties. On privatisation, he said: "We do not accept privatisation as an ideology; we do not take an ideological view, we take a pragmatic view; wherever it will serve our national purpose, we will think of privatisation."

PSU disinvestment

The Prime Minister was specifically asked on the disinvestment of public sector units, and he reiterated the Common Minimum Programme formulation that there is no earth-shaking reason to privatise profit-making public sector units.

Dr. Singh pointed out that there was a continued dialogue with the Left leaders on issues such as privatisation and foreign investment in key areas such as infrastructure, insurance and banking.

The External Affairs Minister, Natwar Singh, had a meeting with his British counterpart, Jack Straw and reviewed the situation in South Asia.

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