Prime Minister of India - Dr. Manmohan Singh

PM chairs meeting of the Trade and Industry Council

The Prime Minister chaired a meeting of the Trade and Industry Council, here today. The meeting discussed the current economic situation and issues of concern to Indian industry. All the participants underlined the various positive trends in the economy and drew attention to positive expectations about the future of Indian economy both at home and abroad. The meeting discussed at length global economic trends and whether the concern regarding a global slow down would affect the growth process in India.

Participants also gave their views on the domestic price situation, drawing attention to global trends in fuel and food prices. They expressed concern with persisting infrastructural and policy constraints on growth.

The participants universally emphasized the need to expand educational and skill development opportunities in India to address the growing shortage of a variety of skilled and qualified persons. All participants emphasized the need for a major reform and expansion of Indian education. They sought a policy framework for attracting more private investment in education and to facilitate greater public-private partnership in education.

Thanking the leaders of Indian Industry for their participation in the meeting, the Prime Minister said the Government was committed to doing whatever is necessary to ensure that the Indian economy continues to grow at 9 per cent, even in the face of a possible global slow down. The Prime Minister said, "Our policy must be tuned to sustain 9 per cent growth even if world growth slows down and global food and fuel prices continue to remain under pressure. India should have the ambition and the courage to sustain the current acceleration of growth no matter what happens globally. Our domestic economy can sustain such a growth process but we will need to pursue policies that can sustain growth. While India must remain alert to trends in the global economy, we must also recognize that the world is looking at India as a new engine of growth. If our economy continues to grow despite a global slow down, we will be able to lift millions of our people from poverty and generate employment for our youth".

The Prime Minister drew attention to the 11th Plan strategy of giving special attention to education. He said that expenditure on education is being increased from 7 per cent of total plan outlay in the 10th Plan to 19 per cent in the 11th Plan. He invited Indian industry to come forward with new ideas on how Indian education can be expanded, modernized and made to address the challenge of the future. "We must not become slaves of the past. We need creative thinking and fresh thinking to address the challenges we face in education" the PM said.

The meeting was attended by Union Finance Minister, Union Commerce and Industry Minister, Deputy Chairman Planning Commission, Chairman National Manufacturing Competitiveness Council, Chairman Economic Advisory Council to PM and Members of the Prime Minister's Trade and Industry Council including Mr. Ratan Tata, Mr. Keshub Mahindra, Mr. Mukesh Ambani, Mr. R.P. Goenka, Mr. Jemshed Godrej, Mr. N.R. Narayanamurthy, Mr. Rahul Bajaj, Dr. Anji Reddy, Mr. Sunil Mittal, Mr. Sunil Munjal and Mr.Deepak Parekh.