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Constant innovation and thrust on research & development would enhance the global competitiveness of the Indian manufacturing sector said Mr. Dayanidhi Maran, Union Minister of Textiles, Government of India at the Session on “INNOVISION 2010“ organized by the Confederation of Indian Industry (CII), Southern Region coinciding with the Annual Regional Meeting in Chennai today.

Mr. Maran said that for India to achieve a higher GDP growth we need to create an ecosystem which would support and flourish high growth sectors. He cited the example of Tamil Nadu, where, industry sectors such as; automobile, textiles and leather contributed substantially to the National and State’s GDP.

He also said that a vibrant power sector is critical to achieve a high industrial growth. The power sector should grow at around 20 per cent annually to achieve a GDP growth of 8-10 per cent, he said. He complimented the Government of Tamil Nadu for its various initiatives including the purchase of power from other uttilities towards managing uninterrupted power supply to both domestic and industrial consumers.

Mr. Maran said that he would ensure the availability of natural gas to Tamil Nadu from the KG basin to support the additional energy requirements of the State.

Speaking at a Special Plenary Session on Corporate Governance – The Leadership Challenges & Opportunities, Mr. Salman Khurshid, Union Minister of State for Corporate Affairs & Minority Affairs (Independent Charge), Government of India said that the proposed new Companies Bill would give more thrust to accountability, transparency and discloser norms for corporates with more focus on minorities, especially in enabling them to access to information related to business.

Mr Khushid emphasised the need for an inclusive approach in corporate governance which would allow industry to engage the talent available in the rural areas, especially in the farm sector.

He urged industry to support farmers by providing suitable business models which would help farmers to enhance their profitability.

In his special address Mr. Venu Srinivasan, President, CII said that the next wave of growth would happen in the East and India and China are poised to emerge as dominant players in the global economy. Within this changed scenario, Indian industry needs to redouble its efforts at leadership, vision and innovation. This is central to not just its own growth and development, but to the growth and development of the economy and the nation as a whole, he said.

Industry needs to redouble its efforts towards greater integration, especially for disadvantaged sections of society such as scheduled castes and scheduled tribes said Mr Srinivasan. These form a sizeable chunk of our workforce and our consumers, and we cannot afford their marginalization, he pointed out. Initiatives on affirmative action should be a part of business agenda and industry should support the socially disadvantaged community in the areas of education and employability, he added.

Speaking on the agriculture sector, Mr Srinivasan said that over 70 percent of the population is employed in the agriculture and related areas and whereas, the contribution of agriculture to national GDP is only around 20 per cent. This shows a huge opportunity to enhance the agricultural productivity by adopting latest technology in farming, he said.

Mr. Chandrajit Banerjee, Director General, CII highlighted the initiatives of CII in the area of corporate governance and also said that CII in partnership with National Foundation for Corporate Governance (NFCG) is promoting best corporate governance practices among corporates.

In his opening remarks Mr. C R Swaminathan, Chairman, CII Southern Region said that corporate India is playing a vital role in the development process of the country. The Government, Civil Society and the Industry have recognised that the public private partnership is a working model of growth and more focus needs to be given in the areas of infrastructure, education, health, environment and rural development for achieving an overall growth.

Mr N Vittal, IAS (Retd), Former Central Vigilance commissioner, Government of India; Mr J K Dutt, Former Director General, National Security Guards; Mr Subroto Bagchi, Gardener, MindTree Ltd provided insights on inclusive growth – challenges and opportunities for the corporate sector at a special plenary session. Mr Pradipta K Mohapatra, Past Chairman, CII – Southern Region provided the opening remarks.

Source: http://www.cii.in/PressreleasesDetail.aspx?enc=a1YrIOnlWyLYMf7WAiSZtd7vQFWBzNsxnRKEjGMlBYdt1oqC979glcfZeZrb+jE8RiW+KrCP/atXmjt4dfG7MnyhlZD4eSJRZagPv8uGJXFh20EuD+5tysj2xwmeKFnxkGHyPoRdJXEniZ3dpRq5cg==