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Indian industrial policy cuts bureaucratic control
NEW DELHI. July 26: Indian business and Industry leaders 3ilauded on Thursday a new ustrlal policy that cuts a swathe through red tape, but warned the budget that followed It could spur inflation, reports Reuter.
"The industrial policy Is dramatic and unexpected. It is far beyond our expectations." Federation of Indian Chambers of Commerce and Industry (FCCI) Secretary-General Pal Panandlkar said.
However. the delayed 1991/92 budget(April/March). announced hours after the new policy on Wednesday, was not In tune with the industrial reforms. industrialists said. It was inflationary and harsh on the corporate sector, they said.
Consumer price inflation is ru taring at nearly 14 per cent. Finance Minister Manmohan Singh defended his budget, telling a news conference: "The proposals have brought down the fiscal, revenue and budget deficits to contain money supply".
The government promised Its industrial policy would "unshackle the Indian industrialist from the cobwebs of unnecessary bureaucratic control".
It does away with most industrial licensing and proposes a law that would free large companies to expand.
At present, companies need licences for proposals Involving an Investment of 150 million Rupees (5.8 million Dollars) and companies with turnovers exceeding 10 billion Rupees(385 million Dollars) need permission to expand.
"Industry did expect relax atton of these controls but we never expected they would be done away with.” Panandlkar
FICC1 President and leading industrialist SK Birla said the policy "Is the most welcome and the first major step in what is necessarily a continuous process of deregulating the economy”.
The new policy allows majority holding for foreign companies in joint ventures in high priority industries requir-ing large investments and advanced technology.
Birla said F1CCI would try to popularise the new policy and invite major foreign direct investments into the country.
India, which has in the past held up foreign investment applications for years In a tortuous approval process, drew a paltry 75 million Dollars In foreign Investment in 1990.
"Most European and American Investors would be interested in coming to India," said a foreign banker, who did not want to be named. The field is now wide open".
It would be unrealistic to expect a rush of foreign investors at a time of tough competition from eastern Europe and neighbouring Asian countries, a government official said.
” Wc have a reputation for being difficult. Such an image is not going to vanish overnight," he said.
Business leaders said the new policy was not without flaws.