Turning recession into opportunity

SURAT: If there is anything that would shine for the recession-hit diamond industry then it is the state that houses it. Gujarat, home to the Rs 70,000-crore diamond industry, has registered a growth rate of 11.4% ��� higher than the targeted rate of 11.2% and way ahead of the national figures of 7-7.8%.

Gujarat chief minister Narendra Modi, who inaugurated the high-profile gems and jewellery event ���Sparkle��� in Surat told ET on Friday that the state that exceeded the targets set for the current Five-Year Plan would beat the economic blues to maintain the growth rate. And to achieve this, the chief minister has a three-pronged approach ��� change mindsets, improve infrastructure and finally, reach out to the global players.

Elaborating on his recipe to beat recession, the chief minister said: ���The first step is to change the mindset ��� look for opportunities not challenges. As the mindset changes, increase the pace of infrastructure development activities. This will help the manufacturing industries��� production lines and keep unemployment in check. Finally, reach out to the global players with a positive mindset and new infrastructure. Offer them low-cost labour and manufacturing alternative to help them stay competitive in a slowdown market.���

Go beyond development. Focus on development with a vision to foresee the industry trends of tomorrow. According to the chief minister, Gujarat swung into action when the news of recession started trickling in.

���We increased the pace of all infrastructure-related programmes. This way, the falling prices of steel and cement benefited the projects directly. We could do more at the same price. Also, when the industries benefit, the entire morale is boosted,��� he said.