Improve infrastructure first: Jethmalani

PUNE, July 31: Lamenting the pitiable state of infrastructure in the country, Union Minister for Urban Development Ram Jethmalani today e...

PUNE, July 31: Lamenting the pitiable state of infrastructure in the country, Union Minister for Urban Development Ram Jethmalani today emphasised the need to invite capital to improve this area before deciding on any kind of policy.

Inaugurating a two-day national conference on 8220;Repositioning India in the global economy8221; organised by the Symbiosis Institute of Business Management here, Jethmalani believed that it was the state of infrastructure that determined the investment in a country. Unless the investors are sure about the country, India will never be able to manoeuvre itself in a good position in the global economy, he said. Union finance minister Yashwant Sinha and former finance minister Manmohan Singh who were slated to be present for the inaguration were conspicious by their absence.

Jethmalani pointed out that even as communism and socialism may have collapsed the world over, there was a need to strike a fine balance between the new doctrine of globalisation and liberalisation and the old forces. 8220; We shall never accept a theory where everyone is for himself,8221; he said, explaining that socialist principles shall continue to remain the essence of the nation promising equitable distribution of wealth and assistance for the needy.

However, the paternalistic attitude of the government will now have to be reconciled with the new doctrine of liberalisation, the minister felt, pointing out that the International Monetary Fund and the World Bank were yet to be convinced of India8217;s policies, precariously balanced at present on two stools.

Decrying the present attitude towards multinationals, Jethmalani said they were either seen as a representation of the new colonial era or as the only source of economic salvation. He said no progress was possible with such attitude. In the event of increased investment in the country, law colleges should offer expert advice on foreign estates and laws, he said. A sensitive tribunals should be introduced to tackle international disputes, he added. 8220;No investor will desire to come to a country where commercial litigation continues for 30 years,8221; he said.

Eminent management thinker Jagdish Sheth observed in his keynote address that India had no choice but to align with one of the triad powers to get access to the export market. It will have to decide which triad power is the realistic alignment partner, he remarked.

8220;India will have to restructure its economy to be globally competitive,8221; he said. This would involve restructuring her international trade, industrial policy, domestic policy and also the national infrastructure.

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Restructuring of national infrastructure would involve an urgent need for information infrastructure, upgradation of transportation and logistics, energy reliability, capital markets and financial institutions, he said.

Founder director of Symbiosis, S.B. Mujumdar welcomed the dignitaries while SIBM director Pramod Kumar and Symbiosis president Lalit Sangtani also spoke on the occasion.