Mukesh Ambani backs Nano in Singur

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Warning that 'fear psychosis' was being created to slow down projects of national interest, India's corporate leader Mukesh Ambani on Wednesday threw his lot behind Tata's Nano project in Singur saying industry and politicians need to work together.

"A fear psychosis is being created to slow down certain projects of national importance. This will be counter productive for the country's economic growth, its global image as well as our ability to attract investments from across the world," the Reliance Industries Chairman said in a statement.

Ambani called for the Indian industry and the political leadership to work together to meet aspirations of millions of Indians in urban and rural areas.

Ambani's statement comes in the wake of Tata Motors Chairman Ratan Tata threatening to pull out the Rs 1,500-crore small car project from West Bengal after facing continued political opposition led by Trinamool Congress.

Terming the Nano project as "a unique and innovative initiative", Ambani said it would establish the country's position as a small car hub.

"The Indian industry must be encouraged to make such large investments in order to build the country's competitiveness as well as support job creation," he added.

Tata had last week threatened to quit the state saying "...if anybody is under the impression that because we have made this large investment of about Rs 1,500 crore... and because we have made this investment, we will not move, they are wrong."

He had, however, reiterated that the Rs one lakh car project would be on track.

"I made a major investment here. To move is going to be a great cost to the company and great cost to Tata Motors' shareholders. And I think it's going to be a great cost to West Bengal," he said.

Industry chambers CII, Ficci and Assocham had also supported the Tata and have asked the West Bengal Government to resolve the land issue with the Opposition.

The three apex chambers -- CII, FICCI and Assocham -- said West Bengal would be a big loser if the Tatas withdraw from the Singur project out of frustration.