Corporate sector poised to become engine of economy growth: PM

NEW DELHI - Prime Minister Dr. Manmohan Singh on Tuesday said India’s corporate sector is poised to become the Indian economy’s main engine of growth.

Addressing at the inaugural session of the India Corporate Week here, Dr. Singh said: “India’s corporate sector is poised to become the main engine of growth for the Indian economy. The responsibility it carries is, therefore, truly enormous.”

“The Ministry of Corporate Affairs has a mandate to provide an enabling regulatory framework to facilitate the corporate sector to function productively and responsibly, and broadly in line with our national aspirations,” he added.

He further said that the streamlining of corporate registration under the MCA21 e-governance scheme has increased convenience and added to the spirit of transparency for the investor and provided end-to-end services to the corporate sector.

“I am happy that the corporate sector has responded positively to the challenge of sustainability and some of the Indian models of integrating sustainability in core business processes are being showcased as the best in the world,” he added.

He said that several corporate leaders have already recognized the value of capacity building and skill development and are working with the Government through ongoing schemes and the National Skill Development Corporation.

“Some industry associations have offered to partner in improving our ITIs and developing skills of youth, particularly those who are poor and marginalized. But such efforts have not reached a scale that could have a visible impact on production processes in our country,” he added.

Emphasising that Indian companies are strategically increasing their presence overseas, Dr Singh said: “India has always been a nation of entrepreneurs. Today it is a nation of world class professionals as well.”

“The private sector now contributes significantly to all sectors of our economy, including infrastructure development, which until recently was an exclusive preserve of the public sector until a few years ago,” he added.

“In recent years, the private sector is also successfully engaged with the government in PPP projects,” he added. (ANI)