Convocation Address by Sh. YASHWANT SINHA, Hon'ble Union Finance Minister, Govt. Of India on 27^th July,1999

In this context, I would reiterate the Government’s resolve to make the liberalisation process a people’s programme ensuring participation of people at all levels. Micro-enterprises, NGOs and SSIs have vital roles to play in this regard. I would request the entrepreneurs of tomorrow to take note of the enormous potential of the small scale sector and the steps taken by the Government for enhancing this potential. It is this sector that is likely to offer the most significant opportunities to the new entrepreneurs for utilising their skills and faculties. But please learn to compete and not hide behind an unjustified protective shield. I would like to point out that there are several areas in our economy which require more reforms. One of these is the financial sector where high rates of real interest continue to affect consumer prices. Many of the existing labour laws have become archaic and need to be amended to suit the changed economic circumstances. These and other measures shall form part of the second generation of economic reforms which are proposed to be launched as soon as possible.

Despite the many problems we still face, we can justifiably take pride in our economic achievements. However, what we have achieved so far is only a stepping stone to greater achievements in future. The recovery by the economy has underlined the efficacy of the policies adopted. There will be more reforms aimed at creating a high-growth environment. I hope the managers of future would participate actively in the growth of the Indian economy and try to utilise the new opportunities to the best of their abilities.

The best technology, the best talent and the available capital will all go to business which look after their stake-holders’ interests. The Indian investor, consumer and manager have revealed their preference by moving to companies which are investor-friendly and consumer friendly and who adequately reward their employees. You will need to imbibe these qualities and ensure that they become an integral part of your companies.

The challenge today lies in development of entrepreneurship which can stand upto global competition. I am confident that you will seize your destiny and go on to create great companies. Our hopes and dreams are in your hand and we will support you in every possible way.

I wish you all the best for the future.

JAI HIND

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