The Hindu : Business : `Pesticide controversy not to impact FDI'

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Friday, Aug 18, 2006

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`Pesticide controversy not to impact FDI'

Special Correspondent

Kamal Nath emphasises safety

NEW DELHI: In the wake of the pesticide-in-cola controversy, the Union Government on Thursday asserted that accuracy should be ensured in any of the findings and maintained that the controversy is unlikely to impact flows of FDI into the country.

"Whenever anything of this sort happens, it makes people think twice. In this case this (impact on FDI inflows) will not happen but we must be very careful about it," Commerce and Industry Minister Kamal Nath told reporters on the sidelines of CII's Seventh Marketing Summit.

`No hasty decision'

Asked if the bans imposed by certain states following the outbreak of the controversy were justified, he said: "We must see that the findings are accurate and factually correct and the due process of law should take course. There is no need to act in haste."

However, he declined to comment on the blanket ban of production and sale of colas imposed by Left ruled Kerala and said, "West Bengal, which is also ruled by Left has taken a diametrically opposite stand on the issue." The Minister insisted that public health is extremely important and there was no room for any compromise.

Delivering his keynote address at the summit, Mr. Nath, referred to the global sentiment about India as one "the champion of globalisation" and underlined that the credibility of brand India must come in its standing as a hub of investment opportunity rather than a huge market base.

R. Seshasayee, President, CII, in his introductory remarks expressed confidence over India's surging growth and buoyant environment. He affirmed India as one of the hottest destinations for trade and commerce. He expressed a need to emphasise the indigenous brand of India. "India is now one of the top five brands but Indian brands are yet to arrive,'' he said.

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