NEW DELHI, India: ‘The Finance Minister, Mr. VP. Singh voiced his concern over the flight of capital from India. He asked the Industry and Trade to give serious thought to the problem. The continued overflow of the capital is very dangerous for the country and they must together find the solution. Inaugurating the two day All India Conference of corporate managers and tax executives, Mr. Singh said that the government is aware of the fact that the capital was going out of the country. He explained how this has created the problems in the Latin American countries. He said that government was ready to simplify the foreign exchange regulations and remove the three tier system, The trade and industry must address itself to this vital issue, He said the government would also consider the suggestions about how to bring back the money held by Indians abroad and Punjab government urged the Central government to direct the Cotton Corporation to immediately ship the huge quantities of cotton lying in the various Mandi (markets) of the state invest in India.
Mr. Singh said that industry must give priority to expertise. Industrial houses must share greater responsibility. The government was considering proposals in this regard, one of them is to grant industrial licenses to this industrial house who earn more foreign exchange. The project which incurs any expenditure in foreign exchange should also bring in more foreign exchange. It is the national duty of trade and industry to earn more exchange ,he said.
Article extracted from this publication >> November 14, 1986
