Privatisation still on, Govt tells US council

Commerce and industry minister Kamal Nath has assured the international business community that his government has not abandoned privatisati...

Commerce and industry minister Kamal Nath has assured the international business community that his government has not abandoned privatisation and there would be a host of privatisation opportunities for foreign investors.

Delivering the keynote address at the annual meeting of US-India Business Council (USIBC) in Washington through video conferencing on Tuesday, the minister criticised the US government’s recent move towards restricting business process outsourcing (BPO). ‘

‘It is unfortunate that countries which used to be in the forefront of free, open and liberal trade are passing legislations to hinder BPO,’’ he said.

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Explaining his government’s stand on disinvestment, Kamal Nath said that his government believed that disinvestment should be based on sound business and economic sense.

‘‘Our Prime Minister Manmohan Singh, the architect of the liberalisation process in India, believes in privatisation with a human face. This means that the gains from privatisation will be linked to designated social development sectors,’’ he said.

The minister pointed out that his government welcomed foreign direct investment (FDI) and investors would surely find a conducive atmosphere in India.

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