Biz leaders want bold reform measures

NEW DELHI: Warning that India could lose out in the highly competitive global economic enviroment, corporate leaders on Sunday asked Prime Minister Atal Bihari Vajpayee to take "bold and courageous" decisions to push reforms to achieve eight per cent growth.
"If there has to be magic eight per cent growth in the 15 years, Prime Minister will have to stand firm in taking bold reform measures as there is no second chance," Lord Charles Powell Bayswater, co-chair at the India Economic Summit said.
Bayswater, who was one of key advisors to former British Prime Minister Margaret Thatcher, said there are no doubt difficulties but it was possible to grow at eight per cent by adopting "bolder options" as otherwise the country would grow only at the present modest rate of four -five per cent.
Sharing Bayswater''s views, leading industrialist Rahul Bajaj said, "We know we need second generation reforms, right to hire and fire, better infrastructure and for achieving all this we need a broad political consensus. But we are very slow in evolving this consensus and as a result, the gap between Indian and other world economies is increasing."
Infosys chief NR. Narayanamurthy, who also addressed the Opening Plenary of the Summit said what was most important was that the Prime Minister should be "courageous" to take reform measures that were difficult but possible.
Murthy also lamented India''s neglect of education, adding that the country needs to multiply by a factor of 10 the number of engineers and other science graduates being trained today.
President of the Indian Chambers of Commerce and Industry Ashok Soota urged the Indian industry to become "a factory" for the whole world.
"At present, the manufacturing sector accounts for just 25 per cent of India''s GDP and this is very low. We need to raise the contribution of manufacturing to at least 35 per cen if we want to accelerate economic growth," Soota said.
This is for the first time in the 18-year history of the World Economic Forum summit, the annual meeting has been inaugurated without the Prime Minister or Finance Minister as chief guest.
Speaking on the ocassion, Trigen Computer chairman YT Lee said the biggest challenge being faced by his company was rapid tachnological changes and those related to user needs. Also, his company has to constantly improve inventory management practices since the prices of both, PCs and components, have been increasing constantly.
Lord Charles Powell of Bayswater pointed out that competitiveness is the biggest challenge facing not only a developing economy like India but also that of European economies.
He said emergence of China as a global manufacturing base was posing an enormous challenge to most world economies and the stress should be on making our own conducive to growth.