Economy In Safe Hands, Say Corporates

Corporate India yesterday reacted warmly to the announcement of portfolios for the new council of ministers. The appointment of Yashwant Sinha as the finance minister, in particular, elicited positive response from industry representatives.

Confederation of Indian Industry president N Kumar said the key portfolios of finance, commerce and industry were headed by experienced ministers and hoped they would focus on reviving the economy. The return of Sinha as the finance minister would send a strong positive signal. Kumar welcomed the upgradation of the commerce portfolio to the cabinet rank headed by R K Hegde. With this, he said, exports would receive the focus it had been lacking.

According to the CII president, the industry ministry, headed by Sikander Bakht, would be expected to frame a strategy to take India into the next millennium as a major industrial power.

Kumar also welcomed the priority given to education and technology with M M Joshi as the minister, since the development of human resources and science and technology were important determinants of national strength and growth.

Federation of Indian Chambers of Commerce & Industry president K K Modi hoped the council of ministers would go about reviving the economy in a focused manner. He said most ministers had a great deal of experience and hoped the government would prove to be cohesive, well-knit, consensus-based and result-oriented.

Ficci secretary-general Amit Mitra said the finance minister, being a former bureaucrat, understands the government machinery. This was important at this juncture, he said.

Mitra also pointed out that Sinha had the experience of presenting a vote-on-account as well as a budget. He hoped Sinha, who is not a new entrant to BJP, would be able to carry his cabinet colleagues along with him on important policy decisions.

Associated Chambers of Commerce & Industry secretary-general V Raghuraman expressed satisfaction with the council of ministers.

Yashwant Sinha has been a bureaucrat. We hope he will be successful as the finance minister. We have a very positive attitude towards the new government, he said. PHD Chamber of Commerce & Industry president O P Vaish, welcoming the appointment of Sinha as the finance minister, said industry looked forward to a constructive relationship with him.

Sinha brings with him a rich administrative experience and industry has high hopes pinned on his leadership. We now look forward to a pragmatic budget and key measures to give fresh impetus to industrial activity, he said. The industry chambers have been in touch with BJP leaders and its allies to present an agenda for the government.

The most sought after ministers, after the Prime Minister, include those for finance, industry, commerce, chemicals & fertilisers and oil & natural gas. L K Advani, M M Joshi, Jaswant Singh, Pramod Mahajan, K N Govindacharya, Venkaiah Naidu, etc., have been attracting the industrys attention due to their stature in BJP ranks.

BJP ideologue K R Malkani and former comptroller & auditor general T N Chaturvedi have also emerged as key persons for industry.