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‘Craft new order to counter meltdown’

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CRUCIAL PHASE: Minister for External Affairs and Finance (incharge) Pranab Mukherjee along with FICCI President Rajeev Chandrashekhar (right) and President-elect Harsh Pati Singhania (left) at the FICCI annual meeting in New Delhi on Thursday.
CRUCIAL PHASE: Minister for External Affairs and Finance (incharge) Pranab Mukherjee along with FICCI President Rajeev Chandrashekhar (right) and President-elect Harsh Pati Singhania (left) at the FICCI annual meeting in New Delhi on Thursday.

Special Correspondent

NEW DELHI: India on Thursday called for crafting a new international economic order to counter the meltdown and put the global economy on a sound footing.

Minister for External Affairs Minister and Finance (in-charge) Pranab Mukherjee said India remained committed to working with its foreign partners, including in the G-20 framework, for devising the required comprehensive reforms for a new financial architecture.

Inaugurating the 81st Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI), Mr. Mukherjee maintained that India faced a special challenge from the international financial crisis and had to address this problem on many fronts as it was not immune to its impact.

There was a need to sustain the country’s foreign trade, revive foreign investments and generate domestic demand to maintain the growth rate to ensure the uplift of those living below the poverty line. Mr. Mukherjee was, however, confident that the country would attract more foreign direct investment and that FII flows would return, thanks to its 7-per cent growth rate and because profits could be made in India.

Referring to corporate governance, Mr. Mukherjee said the Government would not allow a single aberration to undermine either the standing and reputation of the IT industry or the country’s standing as an emerging trillion dollar economy with the second highest growth rate among the major developing countries.

He said the Government would spare no effort to get to the bottom of what he termed as a terrible scam and take necessary action on the basis of the findings of the investigations under way.

He asserted that the IT industry was built on solid fundamentals and that the adverse fallout of Satyam Computer Services (which he did not name) would not be allowed to cast its shadow on the entire IT industry.

Brushing it aside as a one-off case, Mr. Mukherjee hoped the captains of industry would undertake special precautions and due diligence. He also expected the corporate bodies to function strictly within the regulatory framework and apply the highest standards of ethics in functioning.


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