More FTZs needed to boost economy: Mukesh Ambani

India must have many more free-trade zones (FTZs) to strengthen its economy and increase the country's share in global trade, Mukesh Ambani, chairman of the Rs 65,000 crore Reliance Industries Ltd (RIL), said here on Sunday.

Talking at the inaugural function of the MahaExpo-2003, Ambani said, "There is an urgent need for a strong industrial infrastructure and more free-trade zones like special economic zones (SEZs). I wonder if it is possible to declare the entire country as a free-trade zone to boost the economy and attract more industrial investments."

Ambani expressed optimism that with the surge in global trade and India's increasing participation in the textiles segment, more opportunities will be come up in near future.

Lauding the initiatives taken by the Narendra Modi government in Gujarat to boost industries, Ambani, who has his highest investment in Gujarat, said, "Nothing deters Modi from making Gujarat a strong industrial hub. This effort should continue for a long period."

Ambani said WTO must provide a framework for further development of the developing countries and more active participation in the global trade.

Speaking on the occasion, Jaswant Singh, Union finance minister, said Gujarat and Maharashtra should work together for the development of the two states as well as the country.

"The finance ministry will support all development projects, particularly those in the power sector, taken up by these governments. The power situation in these states needs to be improved urgently," Singh said after inaugurating the seven-day industrial exhibition.

Expressing concern over the debt position of Maharashtra, Singh said, "It is a matter of serious concern that a progressive and developed state like Maharashtra has a debt of Rs 90,000 crore. While the central government will try to do its best to help the state come out the huge debt, the state also will need to take initiatives of its own."

Maharashtra had a total debt of Rs 93,000 crore one year back, which now has come down to Rs 90,000 crore.

Singh said his ministry is working out a system to provide farmers loans on easier terms and at lower interest rates.

"We are trying to work out a lower rate of interest from the existing 9 per cent for the farmers. We are also planning to introduce a new system that will help the farmers get loans easily. We will soon announce a policy in this regard," he said.

"I have been saying for the last few days that India needs a second Green Revolution and it is very much possible as no other country in the world has this much of irrigated land for farming. The second Green Revolution will boost the economy," he said.

The minister said the work on development of the Delhi and Mumbai airports will start soon as the group of ministers is expected to finalise the master plan. The plan will be implemented under the supervision of the finance ministry.

Rajkumar Dhoot of Videocon, Narendra Gupta, president of the Chamber of Marathwada Industries and Agriculture (CMIA), also spoke.