The decade spanning 2000-10 marked the emergence of India as a knowledge economy. Science and technology, human resources, literacy, healthcare, infrastructure energy security are important areas for national development, K. Karunakaran, Vice-Chancellor of Anna University of Technology, Coimbatore, said here recently.

Delivering the graduation day address at the Hindusthan College of Engineering and Technology, he said technology was responsible for driving the doctrine of a nation in war and peace.

“The Industrial Policy initiatives of the Government since July 1991 have been designed to build on the past industrial achievements and to accelerate the process of making Indian industry internationally competitive,” the Vice-Chancellor said.

The thrust of the initiatives had been to increase the domestic and external competition through extensive application of market mechanisms and facilitating relationships with foreign investors and suppliers of technology.

“In the power sector, private sector participation was permitted. Even in the telecom sector, this was the case. The information technology industry is an emerging and promising sector in providing employment to young professionals.

This trend will prevail in the years to come and provide more opportunities,” Mr. Karunakaran said.

Foreign Direct Investment up to 100 per cent with total foreign equity limited to Rs. 1,500 crore was allowed in the road sector for construction and maintenance of roads, highways, bridges, toll roads and tunnels.

In the same manner, the port sector had also been liberalised.

Foreign financial institutions were also allowed to hold equity in the domestic air services.

Setting up of international airports with private sector participation was also on the cards, Mr. Karunakaran said.