New Delhi, Sep 22: A day after strongly defending the hard decisions like FDI in retail to revive investor confidence, Prime Minister Manmohan Singh today again pitched for building a climate that attracts investment, rewards innovation and establishes fair and effective regulatory institutions and legal processes.
Speaking at an international conference on ‘Economic Growth in Asia and Changes of Corporate Environment’ the Prime Minister stressed the need for modern, efficient and innovative companies, capable of competing with the best in the world and living up to the highest standards of corporate governance.
The Conference which is being attended by legal experts and schlolars from 14 Asian countries, was briefly disrupted by a lone protestor who shouted slogans as the Prime Minister was about to begin his address. The man, a lawyer, was immediately detained by the Prime Minister’s Special Security and handed over to Delhi Police for questioning.
The Prime Minister, after stopping briefly, later began his address and said the government would bring in a new Companies Bill in Parliament.
“We will soon bring before Parliament the new Companies Bill that has been in the making for quite some time now. Examples of progressive legislation in the past and proposed for the future abound,” he said.
At the closing of the Windows Appfest, O’Neill said, “Congratulations to all of the developers at the Windows AppFest for setting an official Guinness World Record for the Most Participants in a Software Development Marathon in One Location. The spectacle of thousands of developers toiling through the night has demonstrated great commitment to their work.” Mr Pramanik said this Guinness Record at Windows AppFest is a great accomplishment by all the developers who participated.
“Over the course of the 18 hours of the Windows AppFest we saw some outstanding talent and many innovative apps being developed.
“I am certain that the success of Windows AppFest will ignite the minds of developers across India to leverage the opportunity and global reach of the Windows platform,” he said.
Windows 8 provides developers with the single largest opportunity to develop apps across multiple devices across various form factors and hardware formats using multiple coding languages. Microsoft is focused on enabling developers to build the next generation of apps and maximize their revenue, the company release added.
Reaffirming that 21st century belonged to Asia, the Prime Minister said economic growth in Asia in the last decade had positioned the region as the growth engine of the world. At a time when industrialised countries’ growth had greatly slowed down, GDP of Asian countries was estimated to grow by 6.9 per cent in 2012 and 7.3 per cent in 2013.
“The Asian region is thus expected to play a very crucial role in driving and stabilizing global recovery process…If everything goes right, Asia’s share in the world economy could be greater than half by the year 2050, as against the present level of about 27 per cent,” he added.
Dr Singh said the ‘dramatic modernization’ of Asian economies was acknowledged as one of the most important developments in the economic history of the world.
He said Asia’s corporate sector deserved a great deal of the credit for this massive transformation of Asia.
He, however, cautioned against many challenges in the years ahead.
“We need modern, efficient and innovative companies, capable of competing with the best in the world and living up to the highest standards of corporate governance.”
The Prime Minister described as “enchanting” India’s journey from controls to regulation, from the time when business was to be kept at a distance to the present when government sought a complementary and partnership role with the private sector to expand India’s economic base and empower the disadvantaged groups through inclusive, faster and sustainable development.
“There has been a learning curve in all this but at the end of the day a silent revolution has given us the ability to allow the private sector to explore its potential to the maximum and at the same time empower the disadvantaged sections of our society to seek a place in the sun,” he added.
He said that in response to transformational changes of this century, the government was examining many commercial and corporate laws to make them relevant to the challenges that lay ahead, particularly for ensuring distributive equities and empowerment of the marginalised sections of society.
Increasing use of the word ‘inclusive’ was an indication of this new emphasis on equity in economic and social processes, he added. (UNI)



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