NRI investments can be strong rebuff to Mumbai attackers: Prez
Chennai, Jan. 09, 2009
NRIs to invest in India and benefit from its resilient economy,
President Pratibha Patil said this will be a "strong rebuff"
to the perpetrators of the Mumbai attacks.
The economic meltdown has provided an opportunity to review and
take corrective measures in existing global financial systems, structures
and coordination mechanism, President Pratibha Patil said in her
valedictory address at the seventh Pravasi Bharatiya Divas (PBD)
conference in Chennai on Friday.
"Your decision to invest in India will also be a strong rebuff
to the terrorists who attacked Mumbai. These attacks were perpetrated
by groups inimical to a progressive, prosperous and secular India,"
the President said.
The President Mrs. Pratibha Devisingh Patil has called for better
regulatory systems and "best practices" in the management
of capital markets as well as in fiscal policy. In her valedictory
speech at the Pravasi Bhartiya Divas in Chennai today, Mrs Patil
underlined that sustainable economic growth is far too important
to be left entirely to the market.
The President called for a more inclusive and participative global
financial architecture with restructuring of the International Monetary
Fund and the World Bank. She said, this is required to prevent the
recurrence of economic crises in the future.
Mrs. Patil said, the absence of regulation can and does create
hazards. Global financial markets need a coherent set of transparent
rules for all of the participants in order to have a fair and orderly
Mrs Patil pointed out that India has an effective capital market
regulator and a strong central bank and the growth impetus of the
Indian economy stems essentially from its large and growing domestic
market. The President said, India is seeking to bridge the infrastructure
deficit and to achieve energy security, food security and human
welfare security in a climate of a global slowdown but at the same
time affirmed that India has the capacity to grow even in these
Emphasising that India offers the opportunity to invest in a stable
and growing market, she invited overseas Indians to benefit from
the various economic opportunities that India offers, particularly
in infrastructure. She called upon the diaspora to join in India’s
efforts to reduce disparities, poverty, inequity and the knowledge
divide between the 'haves' and the 'have - nots'.
Paying tributes to the common citizens, policemen, firemen and
special forces who laid down their lives in the Mumbai attack, Mrs.
Patil said, NRI investment in India will also be a strong rebuff
to the terrorists who attacked Mumbai.
Commending the role of over five million overseas Indian workers
who remit to India about US $ 10 to 12 billion annually, she asked
the Ministry of Overseas Indian Affairs to consider to institute
a separate set of awards from next year to recognize their contribution.
She said, the Government could also look at innovative approaches
to channelise foreign remittances, especially of workers for productive
The President said, India is proud of the Diaspora whose is a story
of ordinary people with extraordinary courage and enterprise after
travelling to distant lands.
The President gave away the Pravasi Bhartiya Samman awards for
2009 to 13 eminent personalities from across the world including
the Vice President of Surinam, Mr Ramdien Sardjoe and the Vice President
of Mauritius, Mr Angidi Veeriah Chettiar. In his acceptance speech,
Mr. Chettiar said that persons of Indian origin cherish their links
with India and find the awards a great honour.
The Overseas Indian Affairs Minister Mr. Vayalar Ravi described
the PBD-2009 as a watershed event where the language and cultural
linkages between the diaspora and India were strengthened. He said
partnerships forged during the convention will be converted to real
projects and programmes.
expect to achieve a growth rate of about seven per cent this year,
which will be among the highest in the world. Much of India's growth
is internally driven and I expect we can maintain a strong pace
of growth in the coming years," Manmohan Singh said, while
inaugurating the seventh edition of Pravasi Bhartiya Divas here.
The Deputy Chairman, Planning Commission, Dr. Montek Singh Ahluwalia
addressing at the 7th Pravasi Bharatiya Divas, in Chennai on January
The Chief Minister of Gujarat, Shri Narendra Modi, and the Chief
Minister of Andhra Pradesh, Shri Y.S.R. Rajasekhara Reddy are also
Photo no.CNR - 24656
Outcome highlights of PBD 2009
The following are some of the highlights of the outcome of Pravasi
Bharatiya Divas 2009 held in Chennai from 7-9 January 2009.
1. Nearly 1500 delegates took part in the Convention from 48 countries.
Including exhibitors, the number is over 3000.
2. Maximum numbers of 270 delegates were from Malaysia followed
by 127 from USA.
3. The Global Indian knowledge Network was launched to create a
virtual think tank by connecting the diaspora.
4. Qualified professional holding OCI card can practice in India.
5. Smart card to be issued to all Indian workers immigrating from
1st June this year.
6. Government of India, the diaspora and all stakeholders reiterated
their commitment to strengthen bond and work for mutual benefit.
7. During all sessions, it was acknowledged that India’s
growth story remains positive and presents an opportunity for profitable
engagement between India and diaspora.
8. Chief Ministers highlighted investment potential in their states
and extended support for diaspora investment.
9. Union Ministers conveyed to the diaspora the potential in their
sectors and invited them to participate in projects.
10. During the sessions, there was a consensus for increased diaspora
participation in health, education and rural development in the
mode of public-private partnership.
11. Chief Ministers and other state-level Ministers gave details
about the business / investment opportunities in their states in
separate interaction with PIOs/NRIs.
12. Delegates were also clarified on various existing policies
and programmes of MOIA affecting PIOs/NRIs.
13. 13 recipients from across the world were presented the Pravasi
Bharatiya Samman Awards for 2009.
The Tamil Nadu Governor Mr. Surjeet Singh Barnala in
his speech, lauded the overseas Indians for helping to create a
‘Brand India’ and highlighted the investment potential
in the state, particularly in the infrastructure sector.
The three-day long Pravasi Bhartiya Divas has come to a close after
several plenary, concurrent and regional sessions involving national
and global issues and matters relating to engagement with the diaspora.
The media persons at work at the 7th Pravasi Bharatiya Divas, in
Chennai on January 09, 2009.
Photo no.CNR - 24657