CII harps on infrastructure

Infrastructure development in the eastern part of the country was needed to ensure the competitiveness of the Indian economy as well as corporates located in the region, according to Confederation of Indian Industry (CII) vice-president Sunil Kant Munjal.

Speaking at the chamber's annual regional meeting and session on 'Showcasing Success Stories' on Friday in the city, he said competitiveness and excellence would drive the economy, which CII expected to grow at 8-10 per cent in the years to come.

Although the Indian economy had graduated to a higher growth plane in 2003-04 and was expected to grow faster, there were disparities in regional growth.

"The southern states are seen as front-runners while the eastern states are lagging behind. Spreading fruits of growth across different centers, is a challenge to be addressed and east will be critical to this process," he added.

According to him, telecom and power sectors have immense potential for growth in the region. The sectors which could be modernized included agriculture and mineral extraction and processing.

He said Kolkata could be developed into a regional IT hub for the east and north east. The city has attracted increased investments by the IT majors.

He also stressed on the need to improve the image and the perception of the region through creation of a brand image in line with what had done in the southern states like Andhra Pradesh, Kerala and Tamil Nadu.

The east, he said, should take advantage of its close geographic proximity to south and south east Asia. The opening of Na-Thula Pass would boost trade in the region.

The new chairman of CII eastern region was inducted on Friday. B Muthuraman, managing director, Tata Steel replaced Sanjay Budhia, with Ravi Poddar of Ravi Auto House becoming vice-chairman.

Other speakers at the inaugural session included J J Irani, director of Tata Sons, and Subodh Bhargava, past president of CII.