Reforms paved the way for buoyant Indian economy, says Mallya

By Staff
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Google Oneindia News

Bangalore, June 16 (UNI) UB Group Chairman and Rajya Sabha member Vijay Mallya today opined that the country's economy was buoyant in the recent years due to reforms and abolition of heavy taxes and draconian enforcement laws.

Delivering the keynote address at the two-day ''India Innovation Summit 2006,'' organised by the Confederation of Indian Industry, he said the government's decision to shift completely from socialistic industrial policy to more open economy and from high tax regime to reasonable tax, had pumped in fresh air, yielding positive results.

He said the new economic policy had brought about a change in the mindset of the people by making them opt for spending than saving, thereby triggering the pace of the economy. The free economy environment prompted out-of-the-box thinking which in turn bred innovation to achieve excellency and beat competition.

Citing an instance, Mr Mallya said he had started the country's first ever domestic air services, but had to close it down within a short span due to unfavourable Central policies. However, the Kingfisher Airlines, started by him in the era of liberalisation, was a resounding success and ''its success story is there for everybody to see.'' He said the lifestyle of Indians had now changed to a great extent and they were now ready to pay more for getting quality services. The UB Group had invested more to understand the evolving needs of the Indian customers and responded accordingly and this was the secret behind its success.

Speaking on the occasion, IT major Infosys Chief Operating Officer Kris Gopalakrishnan, also CII Chairman, said the Summit would act as forum for all stakeholders from the knowledge industry to envision the grand challenges ahead and formulate strageties to confront them.

The objective of the Summit was to bring together visionaries and leaders to debate, deliberate and help develop a unified vision of the knowledge society and contribute to its growth and development.

He said that until now Indian companies had been measuring their success by how easily they meet or match global benchmarks.

However, thanks to emerging group of innovators, now the country had set benchmarks that others aspired to match.

He said representatives of the fledgling knowledge industry. both from the country and abroad, were participating in the two-day event.

UNI MV RG TS2020

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