Online edition of India's National Newspaper
Monday, Mar 20, 2006
Online edition of India's National Newspaper Monday, Mar 20, 2006 |
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National
Special Correspondent
ON A PRIORITISING MODE: Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, addressing the Asia Society's 16th Asian Corporate Conference in Mumbai on Sunday. — PHOTO: SASHI ASHIWAL
MUMBAI: Planning Commission Deputy Chairman Montek Singh Ahluwalia on Sunday stressed the need to usher in another green revolution with active participation of the private sector. Dr. Ahluwalia was addressing the Asia Society's 16th Asian Corporate Conference on `India's new priorities: Extending the reach of economic reform and prosperity,' organised by the Asia Society, Confederation of Indian Industry (CII) and the Wall Street Journal. "Modernisation of agriculture is high priority for the Government. The private sector has roles cut out in agri-marketing, crop diversification programmes, induction of post-harvest technologies and food processing." Farm sector development would benefit the rural economy, which was another area of focus for the Government. While the Government played a key role in taking the country to a food surplus stage, greater private participation was necessary to link the farmer to new market realities. The growing success of contract farming in various States pointed to the business potential of private participation. Farmers today required access to modern logistics chains and key market information that corporate organisations and private companies could provide. Dr. Ahluwalia underscored the Indian businesses' growing confidence to compete globally. Indian firms had made a mark in the global arena. The Government was working towards creating an investor-friendly environment. Pointing to the growing interest of Chinese businesses in India, he said economic engagement between the two nations was "very recent but had great growth potential." China had achieved great progress in the manufacturing sector and Indian businessmen were pointing out this achievement in their interactions with the Government. Dr. Ahluwalia said there was also an urgent need to scale up physical infrastructure. The Government was keenly studying the infrastructure development of east Asian nations. The Government might review some of the foreign direct investment caps in specific areas to achieve its FDI target. Foreign investors had pointed out some existing caps that need to be looked into. "We are looking at them. Developing special economic zones was also a priority for the Government, he added.
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