NRI investments can be strong rebuff to Mumbai attackers: Prez

Chennai, Jan. 09, 2009
Santosh Kumari

Urging 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 market.

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 difficult times.

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 investment.

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.

"We 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 09, 2009.

The Chief Minister of Gujarat, Shri Narendra Modi, and the Chief Minister of Andhra Pradesh, Shri Y.S.R. Rajasekhara Reddy are also seen.

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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.

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Pravasi Bharatiya Divas has been celebrated for some 6 years now and it has been successful to link overseas Indians to India and sought to integrating them into India's development. The 7th Pravasi Bharatiya Divas will be held from 7th - 9th January 2009. The Pravasi Bharatiya Divas provides a platform for overseas Indians to help bond with India

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