We won't promote crony capitalism: PM
Mar 26, 2007 - 6:29:33 PM
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'The long-term solution to the problem of agrarian distress has to be to take people away from agriculture, to manufacturing, to services and other non-agricultural pursuits,' he said.
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By IANS,
[RxPG] New Delhi, March 26 - Admitting there were 'issues' over the country's industrial policy in recent years, Prime Minister Manmohan Singh Monday assured that all problems will be satisfactorily addressed and reminded India Inc. of its social duties.
'In the industrialization of our country, creating an environment where industry can create lot more jobs than before, is a priority concern,' the prime minister told a global seminar on the steel industry here.
'But there are issues pertaining to land alienation and displacement of people, and these must be addressed. We will address them to the satisfaction of all,' the prime minister assured.
'There has been some controversy in the recent past on industrial policy, but I am sure the people of India also want to see industrial progress.'
According to the prime minister, Indian business leaders had been beneficiaries of the development process in the country not only because of their creativity and enterprise but also due to the national effort.
'But a comment has been made recently that most of our business leaders who have become billionaires seem to be operating in either relatively protected business environments in oligopoly or monopolistic markets or dealing in scarce resources,' he said.
'If this observation is true then someone could say that we are promoting crony capitalism. That should certainly not be the case,' he added.
India Inc, he said, could certainly compete and win in competitive markets too, adding he was confident that in years to come more of Indian business will stand up on its own feet.
The prime minister said in a country like India, where the average size of land holding was small, there were limitations to what can be done to improve farm productivity.
'The long-term solution to the problem of agrarian distress has to be to take people away from agriculture, to manufacturing, to services and other non-agricultural pursuits,' he said.
'The development of modern industry should be a societal goal. However, this can be ensured only when every section of society is convinced that it has benefited from the growth process in an equitable and just manner.'
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