This Article is From Sep 22, 2012

Must build climate that attracts investment, says Manmohan Singh on growth

Prime Minister Manmohan Singh spoke about India's economic growth and reforms at the Conference on Economic Growth in Asia and Changes of Corporate Environment on Saturday. Here are highlights of his speech.

  • Development of Asian economy is one of the most important development in the history of the world
  • Asia's corporate sector deserves great deal of credit
  • Faces many challenges in the years that lie ahead
  • Need modern and efficient companies capable of competing with the best in the world.
  • Need highest standards of corporate governance
  • Govt has responsibility to ensure corporate laws  match up to global standards
  • Govt needs to ensure regulation of stock exchanges is at par with expectations of global investors
  • Need to ensure banking and financial sector are exemplary of efficiency and stability
  • Must build climate that attracts investment and appreciates innovation
  • We have much to learn from each other in terms of institutions for attending to social and economic concerns of people
  • The last century left behind bitter taste as a consequence of strife 
  • But it has taught us importance of peace and cooperation between countries
  • India was fortunate to have guidance of Mahatma Gandhi who gave us idea of Satyagraha in pursuit of independence
  • Jawaharlal Nehru was the architect of Modern India who spoke of factories and dams as new basis of secular India
  • Clear vision to transform agricultural economy to manufacturing economy with impressive base.
  • Today, we have seen a growing urban profile of country 
  • Need to learn about economic, political, social concerns of society
  • CSR is increasingly seen as fundamental dimension of social contract.
  • Subject to public disclosure and scrutiny
  • It is increasingly related to sustainable growth
  • The evolving economic space has to be addressed by all organs – legislature, administration and judiciary
  • Balance between three organs may appear to get unsettled at times
  • But it has to stand the test of time
  • Asia region key to drive global recovery
  • Need to empower disadvantaged section of section
  • Should allow private sector to grow
  • Good governance seen as good economics
  • To soon bring new Companies Bill in parliament