Mittal asks NRI entrepreneurs to invest in India

By siliconindia staff writer   |   Tuesday, 27 April 2004, 07:00 Hrs
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NEW YORK: In an impassioned appeal to NRI entrepreneurs to invest in India, leading industrialist and founder chairman of the Mittal group ML Mittal has said that time is ripe as the government is opening up more and more sectors for private investment.

Addressing a select group of Indian-American investors, he urged them to stop complaining about the conditions in India and instead contribute their talent and money to help the country develop.

Noting that growth rate of the Indian economy is at present impressive, he said that the country has the potential to develop at much faster pace and they need contribute their share to make that happen.

At the dinner meeting organised by the New York-based Ambassador for people of Indian origin BK Agnihotri, he did some plain speaking and told about fifty entrepreneurs from New York area that they have work within the Indian laws and they should accept the decisions of the government and officials even if sometime they do not agree with them.

But he was sure, he said, that they would get a positive response if they go with a viable project.

about bureaucratic and other hurdles, he said in every country, the entrepreneurs have to work within the laws and environment of that country. After all, in the United States, they are working within its laws.

Instead of complaining about infrastructure, he asked them why they do not help the country to improve it. The Indian government has opened up the infrastructure sector for private investment. Why not take advantage of that?

Introducing Mittal, Agnihotri said Indian Americans need to do much more in the political field. What is use of having caucuses and contributing to election campaigns if Pakistan is given the status of non-NATO ally without India being even informed.

Asking NRIs to use their influence to ensure that sophisticated weapons are not transferred to Pakistan, he said time has come for them to have serious interaction with the law makers rather than just being satisfied with their pictures taken with the influential ones among them.

Agnihotri stressed on the need for NRI entrepreneurs to take advantage of the opening up the economy to more and more sectors. He especially wanted them to invest in development of infrastructure which, he said, is essential for growth of the country and urged them to be partners to fulfill the dream of India taking its place among developed nations by 2010.

Mittal said the entrepreneurs always invest to make money and no one should have any illusions about it.

In fact, he added, they should make it clear to the officials as also to themselves that they are going to India to make money. But to make money, they have to take with them the latest technology, invest money and skills and the country would benefit from that. That is mutually beneficial process.

Relating his own experience, Mittal, who build up his steel empire across the world, said he never minced words when he met officials in various countries and told them he is going there to make money. That shocked them but after he explained what he is bringing with him and his plans to turn round the sick industries, they welcomed with open arms.

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