PM stresses on R&D, managerial skills

New Delhi, Nov 14 | Updated: Nov 15 2005, 05:30am hrs
In order to become globally competitive, India needs to invest in research and development, managerial skills and global economies of scale, said Prime Minister Manmohan Singh. Inaugurating the silver jubilee edition of the India International Trade Fair on Monday, he said, We must prepare ourselves for a greater integration with the evolving world economy.

To become a part of become part of the emerging globalised world, the Prime Minister said the government was committed to bringing our tariffs down to Asean levels.

We are also working actively to bring the economies of South and Southeast Asia closer. We are on the threshold of unveiling an India-Asean FTA and the Safta will come into effect from the coming new year. Our efforts to create an Asian Economic Community and to also become members of the Asia-Pacific Economic Cooperation, keeping in mind the requirements of domestic employment and enterprise, will bring us closer to the major economies of the world, he said.

He said the government was determined to reversing the constraint of inadequate investment in people and their capabilities.

He emphasised the need to address major policy and implementation issues in the power and coal sector.

Dr Singh stressed the need to improve the financial condition of power distribution companies. We need to focus on making our SEBs viable, healthy and efficient. Their health depends on the investment climate in the power generation sector. I hope this matter engages the attention of all state governments as shortage of power can handicap them critically in their quest for growth, he added.