The government was committed to bringing down tariff levels to that of the Asean countries, and will also constitute a commission for the development of knowledge and research in the country, Prime Minister Manmohan Singh said at the Confederation of Indian Industry Partnership Summit in Kolkata on Wednesday.
The highest priority of the government is to step up investments, and India was a growth opportunity waiting to happen, he told members of the CII and visiting business delegations from the UK, China and south Asian countries at the meeting held at Kolkata's National Library grounds.
Charting a roadmap for industry, Singh said, "The era of incrementalism is over. We cannot afford to just do things better. We must do them differently.
The challenge before us -- in economic policy, in social policy, in education policy, in foreign policy -- is to think out of the box and to think anew, afresh and ahead."
Singh also promised steps that will accelerate foreign direct investment in manufacturing, high-technology sectors and export-oriented projects, and said there was no reason why the investment climate prevailing in Communist China cannot be replicated in India.
The integration will include multilateral arrangements and sectors relevant to the World Trade Organisation rules, he added.
Singh said India cannot hope to increase its share in world trade if it persisted with restrictive regulations and hindered the flow of foreign investments.
The government had an open mind on all issues relating to the country's global trade and will also work hard to regularise relations, including economic exchanges, with neighbours like Pakistan and China, he said.
Announcing a National Knowledge Commission, the prime minister said it will work for innovations and rejuvenation of India's knowledge sector.
The country's knowledge utilities had to be revived so that they can act as a catalyst for economic activity and achieve ambitious knowledge targets that the government will set for the development of the country and its economy.
The interaction between educational institutions and businesses will be stepped up to deliver tangible results through industry-oriented alliances. There will be knowledge hubs in every village with special tools to empower the marginalised, the minorities and women.
The commission would also develop areas like development of universal access to knowledge and education, new concepts and their evolution, revival of science and technology studies as also of knowledge-based systems in the working of the government.
Urging the private sector to participate in the capacity-building project in the knowledge sector, Singh said the government would use information technology much more extensively in the coming days and make India a knowledge using, sharing and creating community.
Praising West Bengal Chief Minister Buddhadeb Bhattacharjee for his focus on these areas, and his openness in inviting foreign investment, Singh said West Bengal had ambassadors like Azim Premji within India and Purnendu Chatterjee overseas to get investments and reassure investors sensitive to the presence of Left political parties in the ruling coalition.
The Prime Minister said the government's "Look East" policy is of special relevance in this context.
Speaking on the occasion, Bhattacharjee said in the new economic order, it was no longer possible to remain isolated from the outside world. It was imperative to integrate, he said but added, "at the same time, one needed to be self-reliant".
Ratan Tata, chairman of Tata Sons, said India had transformed over the past 10 to 12 years from being a protected, cost-ineffective economy to a more competitive, cost-effective economy. He was of the view that partnership will be critical for India's development in the future.
