Maran Rules Out Exit Policy

We cannot have an exit policy and throw out our workers just because somebody wants us to do so, the minister said, in response to a query at the economic editors conference here.

Quoting his recent experience with a German delegation which had questioned him on the issue, the minister said: It is as difficult to throw a German out of a job in Germany as it is to throw out an American in America. How can we throw out workers just because someone wants us to do so.

Maran said the voluntary retirement scheme administered by his ministry could be considered the countrys own brand of exit policy. The government was trying to make this policy more attractive and minimise social distress, he said.

Maran allayed fears of an industrial recession and a slippage in inflow of foreign direct investment, while assuring necessary protection to domestic industry against multinational corporations.

India will end 1996-97 with double digit industrial growth and a 6.6 per cent economic growth, he said.

Stating that even the US resorted to protectionist measures for its automobile sector, Maran said that succes of reforms would hinge on the domestic industry and india cannot open its doors totally to MNCs, as MNCs and foreign direct investment alone cant work miracles.

Underlining the importance of the small scale sector, especially in view of its export performance, he said the government would soon come out with a big promotional package for it based on the recommendations of the Abid Hussain expert committee.

No exit policy at the cost of national interest.

Protection to infant and traditional industry against multinational corporations.

Masterplan for restructuring 49 PSUs under department of heavy industries.

10% of selloff proceeds to be set aside for restructuring PSUs