This was the consensus at the plenary session on ``Is Indian industry ready for the new millennium?'' held here on the opening day of the three-day partnership summit 1999 organised by the Confederation of Indian Industry.Chairing the session managing director of Tisco Jamshed J. Irani said that the industry would survive if it evolved a ``value system''. Irani agreed with the other participants that there was a need for change Everywhere.

On the challenges ahead managing dorector of Sundaram Clayton Venu Srinivasan said that the term world class got redefined regularly. What one calls the world class today gets obsolete after some time. This process of change would have to continue. The industry had to face ``intensecompetition'' and the recent price war in the case of the car industry was an indication of things to come in future, he said.

Srinivasan said that no quarter should be allowed to ``cynicism and sceptisim'' and that the management should be more communicative with the labourers. There was no ``mantra'' for success, he felt.

Chairman CBS and president Emeritus of the Asian Institute, USA, David T. Molaughlin, said that the corporate earnings the world over had come under pressure now due to growing competition. The whole world's economic order had been changing and the advance technology would have a predominant influence on working results, he said.

Molaughlin said that there should be a national commitment on the stability of the market in India as is the practice elsewhere. He asked the Indian technicians to stay home for the country's betterment rather than planning to settle outside.

In his remarks on the subject managing director of Mckinsey and company Rabjit Pandit said that without ``openeconomy'' no country could progress. The country had seen a ``structural failure of the system'' in the past. While giving term loans to new projects financial institutions in India had ignored some key issues. The capacity had become much larger compared to the consumption.