[world-vedic] INDIA ON THE MOVE

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>India on the move, series of reforms ahead: PM

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>Title: India on the move, series of reforms ahead: PM

>Author: UNI

>Publication: Asian Age

>December 6, 1999

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New Delhi: Prime Minister Atal Behari Vajpayee, buoyed

by the swift passage of the Insurance Regulatory

Development Authority Bill recently, on Sunday declared

that the government would soon initiate a series of

other financial sector reforms to improve the efficiency

of banks, financial institutions and stock markets.

"India is on the move," Mr Vajpayee said.

Delivering the inaugural address at India Economic

Summit organised by the Confederation of Indian Industry

and the World Economic Forum, Mr Vajpayee also called

for a new relationship between the government and

domestic industry.

"I call this relationship the dharma of partnership," Mr

Vajpayee said. "Our roles are complementary to serve the

common goal of promoting the people's welfare."

Mr Vajpayee asked the business community to be

accountable to the people and the community, and not

only to the shareholders. "Why should only governments

and people's elected representatives be expected to be

accountable for their actions," Mr Vajpayee said.

Mr Vajpayee said the Centre's goal was to achieve a

sustainable rate of growth of seven to eight per cent,

and to make quick and viable reductions in poverty,

unemployment and regional imbalances.

The Prime Minister said the government would take

decisive steps in the sectors of power, telecom, ports,

airports and highways. "We are determined to speedily

increase the size of the export basket and diversify its

content," Mr Vajpayee added.

To make these sectors more attractive to both foreign

and domestic private investors, emphasis would be laid

on improving decision-making and implementation of

policies and projects, Mr Vajpayee said. "The government

shall radically simplify rules and procedures that cause

delays," he added.

"Armed with a renewed mandate from the people of India

in the recent elections, our government has begun to

formulate appropriate policies, programmes and

legislative initiatives," Mr Vajpayee said.

He added that areas like information technology would be

given special attention as it would lead to massive

wealth creation. Praising the performance of Indians in

the software industry, Mr Vajpayee said the government

was determined to create the conditions necessary to

enable bright and enterprising young Indian

entrepreneurs to re-create the magic of Silicon Valley.

The Prime Minister said an economically resurgent India

would be a source of stability and long-term growth for

the world economy. He added that people in both

developing and developed economies were willing to

support liberalisation and globalisation provided these

reforms would benefit everybody, especially the poorest,

and if they preserved national and cultural identities.

Mr Vajpayee also outlined a globalisation path, saying

the challenge before all those in governance, business

and administrations is to steer the growth in global

trade, business and economy along the lines of fairness,

equity and sustainability.

Mr Vajpayee added that for globalisation to deliver the

desired boom in the next century the watchwords should

be the good of all and not the greed of a few; long-term

growth and not short-term gains, cooperation based on

complementary strengths and not conflict rooted in

unhealthy competition.

 

 

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