Pondicherry: Industries and Agriculture Minister V. Vaithilingam appealed to State level Industrial Finance and Investment Corporations to take care of the development of small States like the Union Territory.

Inaugurating a two-day annual meeting of the Executive Committee and General Body of the New Delhi based Council of State Industrial Development and Investment Corporations of India (COSIDICI) here on Monday, Mr. Vaithilingam said tax facilities (including income tax), holidays and several other sops and concessions were available in the past to attract industrialists to establish industries in Pondicherry.

Support

But since these concessions had been discontinued, the Union Territory needed the support of bigger States for its development.

There was also no full-fledged technological facility here as could be seen in bigger States. A technological study report was also necessary here.

Mr. Vaithilingam released a handbook brought out by the Pondicherry Industrial Promotion Development and Investment Corporation, which is hosting the meet. COSIDICI secretary general K.K. Mudgil said commercial banks mobilising savings from rural areas were deploying the money in metropolitan cities, leading to an imbalance in the development of villages.

He said the COSIDICI had been emphasising that policy makers should look into this aspect and that the funds could be ploughed back in rural areas through investment corporations.

Lauding the good progress the PIPDIC had made over the last two decades with the support of the Pondicherry Government, Mr. Mudgil said the situation was a big solace for any corporation and the proactive role played by the government was a source of inspiration for other States. The COSIDICI has a total strength of 56 members now.

Mr. Mudgil also referred to the innovative plans of the PIPDIC in promoting a Special Economic Zone and in developing a port here.

PIPDIC Managing Director Rattan Singh welcomed those present. Chairman K. Vinayakamoorthy was among those present.

Reserve Bank of India Deputy General Manager Sethuraman was among the special invitees at the meet.

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