Prime Minister of India - Dr. Manmohan Singh

PM Inaugurates IITF

I am delighted to be here to inaugurate the Silver Jubilee edition of the India International Trade Fair. Over these 25 years, this trade fair has not only become an important event in India, but also across Asia as well. It is today, the largest exposition of its kind in Asia. The India International Trade Fairs have been projecting our country's development during these 25 years. They have also brought the world to us. I believe about 7500 companies from India and abroad are participating in this year's fair. The magnitude and scale of participation from both India and abroad is evidence of the robust health of Indian industry and an affirmation of the tremendous market potential that our country has to offer. I compliment the ITPO for having achieved all this in the last twenty five years and hopes it does even better in future.

Ladies and Gentlemen,

We are living in fast changing times. India is undergoing a rapid and increasingly all-encompassing process of transformation. A billion-strong society developing at its current pace in a democratic framework has no historical precedent. We are one of the fastest growing economies in the world. Growth has averaged more than 7% in the last three years and we expect to repeat this performance in future. In fact, given the young age profile of our population, our rising savings rate and the inherent dynamism among our entrepreneurs, I am confident that we will sustain, and hopefully improve upon, this rate of growth. This will enable us to rid our country of mass illiteracy, want and disease.

While planning for India's growth, we are taking cognizance of changes and developments taking place in the world. India has changed much this past quarter century, even more so in the last decade. We are proud of the achievements of our entrepreneurs, professionals and workers. There is, today, a new sense of self-confidence in Indian enterprise that augurs well for our future. Indian business, professionals, and skilled workers are not afraid of globalisation. They are willing to test their skills and sell their wares in the global market. It is for us in Government to recognise this reality and pursue policies that build on their competencies and strengths.

Ladies and Gentlemen,

India has always been, since ancient times, the home of teachers and traders. Our merchants traveled to distant lands and crossed the seas, in search of markets for their goods and services. India has to be, once again, a major trading nation. For that we need a competitive economy that works on the frontiers of scientific, technological and managerial knowledge. The trend of globalisation is an irreversible one. We cannot shy away from it. We must prepare ourselves for greater integration with the evolving world economy.

In order to become part of the emerging globalised world, we are committed to bringing our tariffs down to ASEAN levels. We are also working actively to bring the economies of South and South East Asia closer. We are on the threshold of unveiling an India-ASEAN FTA and the SAFTA will come into effect from the coming new year. Our efforts to create an Asian Economic Community and to also become members of the Asia-Pacific Economic Cooperation, keeping in mind the requirements of domestic employment and enterprise, will bring us closer to the major economies of the world.

As markets integrate across the world, firms must become more competitive globally. To do so, firms need to be competitive. They must have world class capabilities, based on the use of modern science and technology. They need to invest in research and development, managerial skills and global economies of scale. We will facilitate this so that India becomes the home of multinational corporations of the future.

Ladies and Gentlemen,

I have often said that there are no external constraints to our growth. The world wants India to do well. The global community will be happy to see us participate more actively in the global exchange of goods, services, ideas and people. If at all there is a constraint, it is at home. The constraint of illiteracy, ill-health, low incomes, poverty, poor infrastructure - in short, the constraint of inadequate investment in people and in their capabilities.

This, Ladies and Gentlemen, our Government is determined to reverse. We recognise that our infrastructure must be world-class for us to compete with the world. We still have a long way to go in this regard. There has been inadequate attention paid to the development of basic infrastructure of modern industrial development. This we are committed to reversing. Our roads programme has been given a new thrust; our airports and airlines are humming with fresh activity; our railways are working on their version of the Golden Quadrilateral to enhance their freight carrying capabilities; and our telecom sector has made us proud. We still need to address major policy and implementation issues in the power and coal sectors. We are also committed to massive investment in our rural areas. Bharat Nirman is our investment in the future of Village India. In every area of infrastructure development we require public-private partnerships as the public sector alone cannot deliver all that is required.

Ladies and Gentlemen,

The process of economic reforms initiated by us two decades ago has encouraged investment and technological up-gradation; it has strengthened the core sectors of power, communications and railways; built road linkages to remote corners of India, promoted industrial growth and exports. These developments have yielded rich dividends in many ways. However, much remains to be done and we are committed to pursuing policies that enriches all sections of our society, especially our rural poor. We still have a long way to go in eradicating poverty, creating adequate employment opportunities and reducing income disparities. We need to ensure that the benefits of our accelerating growth benefits all sections of society.

Ladies and Gentlemen,

The Theme of this fair is "Infrastructure - Power and Communications". Quality power in adequate quantity constitutes a vital infrastructure which is essential for propelling the country's economic and social growth. Power is the engine of development. Improving the availability of power at efficient prices is of primary importance for us. In order to enable this, we need to improve the financial condition of power distribution companies. We need to focus on making our SEBs viable, healthy and efficient. On their health depends the investment climate in the power generation sector. I hope this matter engages the attention of all state governments as shortage of power can handicap them critically in their quest for growth.

Technologically advanced communication systems and a strong telecom network are essential ingredients of a large and developing economy such as ours, where 2/3rd of the population live in villages, many very remote. We recognize that the provision of world class telecommunications infrastructure and information is a key to rapid economic and social development of the country. It is critical not only for the development of our booming IT industry, but also has widespread ramifications for the entire economy of the country. Progressive modernization of this sector continues to be an integral part of our growth strategy.

Ladies and Gentlemen

I am happy to learn that the participation of foreign exhibitors has gone up at this fair. The interaction of foreign exhibitors with their Indian counterparts is a win-win situation for all concerned. Exhibitions like these play a vital role in promoting interaction among firms and it is my earnest hope that the participants who have converged here from different parts of the world will achieve the objectives of their participation - that of forging long-term business alliances for mutual benefit.

I would like to take this opportunity to compliment the Indian Trade Promotion Organisation for organizing a fair of this magnitude with its wide canvas of activities and products. ITPO has played the role of a catalyst and facilitator in increasing our exports as also giving an impetus to intra-country trade through its events in India and abroad. In the process, it has been serving the cause of integrating the Indian economy with the global mainstream.

I wish participants both from home and abroad all success in their business efforts. I wish you all well.

Jai Hind!