'Industrial associations can steer the economy to newer heights'

Industrial associations such as the chambers of commerce and industry can guide the businesses in the competitive age and steer the economy to newer heights, according to Lok Sabha Speaker Meira Kumar.

Inaugurating Chamber@85 Events of the Indian Chamber of Commerce and Industry, Coimbatore, here on Monday, she said the Indian economy had expanded with globalisation. Though it had weathered the global financial crisis with resilience, of late the business sentiment in the economy appeared to be low. “The need of the hour is to harness the unparalleled intellectual and entrepreneurial capital that we possess and in this task, institutions like the chambers of commerce and industry assume paramount importance.” The leaders of the Indian business and industry would be able to favourably transform the economic sentiment of the country. The Companies Act, 2013 sought to provide an enabling environment for Indian businesses to grow in a globalised and competitive environment. It also aimed to promote corporate social responsibility. The industry would now be able to invest and venture into the social sector and give new dimensions to the social-economic progress of the country, she said. She assured the participants that she would take the required measures to find a solution to the problems faced by Coimbatore.

Rajshree Pathy, Chairperson of Rajshree Sugars, said that Coimbatore had world-class engineering industry and was known for its textile units. It also had affordable healthcare facilities. However, it faced certain challenges. The industries required continuous power supply and the region suffered from power shortage. On the infrastructure front, it required efforts for development of the airport. She also sought a large-scale, public sector investment here. Chamber president R. R. Balasundharam said that an exhibition was held here recently of innovations and ideas. The Central and the State Governments should conduct events across the country for all budding inventors.

The leaders of the Indian business and industry would be able to favourably transform the economic sentiment of the country.

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