NEW DELHI, DECEMBER 16: Finance secretary P G Mankad today asked the Indian industry to undertake rapid technological upgradation for improvement of quality and productivity saying mere loans from financial institutions would not be able to bail them out from global competition.While in most ways the process of economic reforms would unshackle the industry as well as the financial sector, it will also expose them to the need to operate in a more open and competitive environment, he said. Cautioning the industry as well as FIs about the changing paradigms, Mankad said ``the giants of yesterday are facing stiff challenges from the new kids on the block''.``These are the new darlings of the investors and Iimagine of the banks and the institutions'', he told the interactive sessions organised by phdcci here. Speaking on the occasion, IDBI chairman G P Gupta said FIs were prepared to look into all the problems of the industry and suggested restructuring of their loans and advances.On demands by industry to allow them to retire theexpensive loans taken from FIs without making any prepayment charges, Gupta said there could be restructuring of such loans by converting them into equity or preferential shares.
