Centre to ensure industry faces global competition: Minister

Puducherry, Feb 16 (UNI) The Union Government will ensure that Indian Industry was empowered to face global competitions, Union Minister of State for Home Affairs S Raghupathy said here today.

Inaugurating the ''SYNAPSE'', an Industry Institute interface, organised by the Department of Management Studies, School of Management of the Pondicherry University here, Mr Raghupathy said he has faith in the ability of Indian industries and enterprises and the Government was committed to build a world class infrastrcutre.

He said in a global economy, design was being perceived as a new engine of economic and industrial growth, adding that design and breakthrough innovations can play a pivotal role in positioning of Indian industries in the global arena, apart from enhancing competetiveness.

The export-oriented growth strategies of Asian economics have generated a steady supply of low cost goods to developed countries, helping them keep inflation low and giving them more room to support growth than would have otherwise been consisted with price stability, he added.

He said to a certain extent, a better-off Asia can afford to import more high valued consumer goods and capital goods from the developed countries,he added.

Mr Raghupathy said the Asian economies continue to depend on the banking sector and the Government of India has facilitated the growth of banking sector to a large extent, especially for entrepreneurial development.

Trade liberalisation and regional integration were the key objects to realise India's potential and to benefit from integration into regional economy,he added.

UNI