Industry leaders seek removal of hurdles to investment
Moneylife Digital Team 30 July 2013

Industry leaders asked the prime minister to remove hurdles facing large projects and create an environment for investment driven growth, which has taken a battering due to external and internal factors

India leaders on Monday asked prime minister Manmohan Singh to remove hurdles facing large projects and create an environment for investment driven growth, which has taken a battering due to external and internal factors.

 

Reliance Industries (RIL) chairman Mukesh Ambani, ICICI Bank MD and CEO Chanda Kochhar, HDFC chairman Deepak Parekh, along with heads of leading industry chambers brainstormed with the prime minister the problems facing the country.

 

Others who attended the meeting include Rahul Bajaj, Narayana Murthy, Azim Premji, Swati Piramal, Deepak Parekh, Jamshyd N Godrej, Venu Srinivasan, Sunil Kant Munjal, S Gopalakrishnan and Sunil Bharti Mittal, among others.

 

The high-level meeting of the Prime Minister’s Council on Trade and Industry was attended by finance minister P Chidambaram, commerce and industry minister Anand Sharma and PMEAC chairman C Rangarajan, among others.

 

The prime minister wanted a report within a month on what could be done in the next 2-3 months to revive growth.

 

“We have given suggestions in two categories, one for the near term and one for the longer run. For the near term, we have suggested clearing of large projects and those projects which were cleared should now be executed," Ficci president and HSBC India head Naina Lal Kidwai said after the meeting that lasted 160 minutes.

Comments
pravsemilo
1 decade ago
Our leaders would do well to have aam aadmi in their durbars instead of having a bunch of people who are rather famous for exploiting the natural (and human) resources of our country.

One should wonder if they were batting for their industry or for our country?
Shadi Katyal
Replied to pravsemilo comment 1 decade ago
Kindly educate the nation that how without industry and utilization and not exploiting resources a nation Evan survive.This idea of living in such climate shows that all developments should be stopped even populating the nation is also exploitation.Milking cows is also.
Maybe you can shed some light on your statement.
No wonder nation is still poor with all the resources as people wish to close down industries and go on strike. There is no such thing as a free meal or lunch and we Indians who have no working ethics, this fits nicely.One has to plant thew rice of whert before one can eat.
These industries provide jobs and products and we saw what happened with PSU?
Tell us how you intend to improve aam aadmi????
pravsemilo
Replied to Shadi Katyal comment 1 decade ago
I am afraid you are getting me wrong here. I am questioning the intent of the people who were present in the meeting. Please have a look at http://www.moneylife.in/article/should-t.... When government has time for such people, then why doesn't it have time for aam aadmi? Isn't it that industry is trying to lobby for its own selfish good?

Regarding charities, you might want to check about Wipro (Azim Premji Foundation, Azim Premji Trust). Few months back there were reports how shares were transferred to these trusts. A few years back, there was also a news report how Premji earned a hefty dividend income by virtue of his shareholding. Same can be said about foundations run by industrialists listed above. I hope you remember the ads broadcasted when Satyamev Jayate was aired.

Industry is creating jobs, true. We need jobs, true. But is industry creating sub standard jobs, also true. This is very true of IT sector, where the promoter is the only beneficiary. Have a look at http://www.moneylife.in/article/is-india....
Shadi Katyal
Replied to pravsemilo comment 1 decade ago
I think you have this common idea of Socialism that everything should be free for the aam aadmi and thus we should have learnt lessons from PSU
I AGREE THAT WE ARE UNABLE TO INNOVATE ANYTHING AS WE SPEND MORE TIME ON TALK AND TALK.What industry produces is not of world standard and greed is first motto and yet being under the false socialism we accept such goods as hands of industry are also tied.
IT has been the biggest dot connecting industry in India but same boys have done very well in other nations Why? Because of our and no changes. There is something
wrong in our genes as we are unethical and undisciplined why?
We object to any changes and object any new industry and since we have failed to produce quality goods we also object MNC coming in so we wish to live in same climate as our forefathers lived. We depend on others for technologies even after 6 decades WHY? because lack of climate to flourish.
As for Premji and his trust is concerned,it is under the trust Board Laws which such trust operates. He is very simple person and has shown his moral standing in society have wrong ides that an investor should not benefit but look at the benefits nations enjoys with such investments. Premji has paid taxes for such profits.
It is not the industry which is creating substandard jobs but failure of our students and workers.IT has a field which our Indians have taken advantage in USA and created local jobs but in India it is the climate and thinking of the people that has put road blocks and thus IT engineers are called dot collecting and nothing else.Who is responsible we those who have failed to move ahead and think this is Nirvana.
Compere China which was at Pr with India in 1990 and can now buy every industry in India.
NRI were and are resented in India and even in early days their remittance were taxed.
China started building their industry with the help of ex patriots and encouraged other investments but we are still twiddling our thumbs as we act as a wounded civilization and need love and petting from rest of the world while talking trash and negative to them. We have no friends abroad or in the neighborhood . We are in deep trouble and think of future.
Any nation which has so many controls cannot flourish as middle income groups are essential for development and not negative thinking
Shadi Katyal
Replied to pravsemilo comment 1 decade ago
It is unfortunate that while the nation is suffering we get such rem,arks.
Industry provides jobs and products for the consumers and these are not charity organisations though some of them do help charities and hospitals etc.

do we wish to stay poor for ever or join the world ?
pravsemilo
Replied to Shadi Katyal comment 1 decade ago
I would also like to add a point regarding the charities and trusts run by industrialist. Apart for charity their main purpose is to avail tax benefits for the promoter, hold shares on behalf of promoter - by virtue of this they have indirect control, earn tax free dividend income and also in some cases, they are the ones on which CSR (Corporate Social Responsibility) spends are credited.

Most of these trusts are run by the promoters directly or by their family members. Many among the list above are doing this.
Shadi Katyal
Replied to pravsemilo comment 1 decade ago
One wonders what your idea of an industry is.
You wish to learn about Charity, look at TATA model.
Thee is no such thing as free meal or free lunch and one doesnot invest without any profit and if tax incentive are thee ,that money is used for charities and education.Would you prefer to be without job or have slef respect with some job.Creating industries is a very difficult task and evidently you had no idea what it involves except looking down on those who are trying to make the nation grow.
It is unfortunate that this kind of thinking with no ethics of work and discipline that now even the investors are looking for Vietnam and Burma and India is being ignored.
Would you rather have foreigners come and do charity work as yuou object the good deeds of our industrialist.
Can a AAM AADMI run govt Durbar as you think or any industry???
pravsemilo
Replied to Shadi Katyal comment 1 decade ago
If business are not for charity, they shouldn't lineup for charity either. Do you really think that lobbying for the industry will pass the benefits to the common man? The list of people above are infamous otherwise for their business activities.
Shadi Katyal
1 decade ago
Why has nation to suffer with Red tape and bureaucracy and the Permit Raj has become worst. can our leaders not learn from the Eastern Europe after their freedom from Russia. Why are we still tied to a model of a nation which has imploded and we are on that ROAD.
Even Bangladesh has made progress in garment industry and our hands are tied.
Why is the parties interested in their own power and not the nation
Where are any constructive Bills for industry,labour and unions.?
My hats of to Indian Industrialist who have worked under such difficult conditions with shortage and road blocks more from GOVT.
Will India ever develop or we keep talking
Time to dissolve and abolish Ministries of Labour,Industry and Trade etc
Why the question of Talangna came because there is no industry and nothing being done for the nation.

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