GE India chief lauds financial system

Ahmedabad, Nov 24 (UNI) India has a well-regulated financial system and rule of law, General Electric (India) President and CEO Mr Scott Bayman said here today.

Speaking at IIMA Confluence-2006 seminar 'New Horizons - Catalysts for Growth', Mr Bayman said several leaders like President George Bush and Chinese President Hu Jintao visited India, signifying a growing understanding about the nation.

''My request to bankers and industrialists abroad is to understand India first. Many still say that India is a bet only in the future, I tell them that albeit the country has come into sharp focus now,'' he said.

Referring to Goldman Sachs that India is a fastest growing among world's major economies, he said Indian business skills are excellent. Indian executives have proved to be world class. In the last four years Indian companies have been bagging the highly prestigious Demming Prize from Japan, Mr Bayman said.

Protectionism and trade barriers will be weakened and eliminated finally. With the economic environment changing MNCs are coming here, while Indian companies are going out, he said.

''I came to India 14 years ago and survived six governments, five Prime Ministers. Not one PM or one government has turned its back on liberalisation. The general thrust has not wavered,'' Mr Bayman said and added, ''globalisation has been our key initiative which has led to jump in revenues from 10 per cent to 45 per cent.'' Earlier IIM-A director Bakul Dholakia introduced Mr Bayman to the audience saying ''GE is one of the most incredible corporate organisations we have.'' UNI VNB KU SKB1830