Southern States - Andhra Pradesh-Hyderabad   

CEOs urge package for hardware sector

By Our Special Correspondent

HYDERABAD Jan. 6. The need to give a special package to promote the hardware sector so that it matches with the developments in the IT and software sector, and includes liberalisation of customs and import restrictions was emphasised by some of the Chief Executive Officers (CEOs) of Multinational Corporations (MNCs) at a breakfast meeting held with K. Vidyadher Rao, the Minister for Industries, Commerce and Export Promotion, on the sidelines of the Partnership Summit being held here on Monday.

The meeting was attended by 15 CEOs of top MNCs operating in India both from the manufacturing and services sector, as also representatives of the Confederation of Indian Industry (CII) from UK and USA.

Mr. Rao, on his part, explained to the CEOs the measures being taken by the Government for improving infrastructure, liberalising the regulatory framework, and facilitating quick approvals. He also mentioned the reforms in areas like labour, infrastructure and Public sector Undertakings (disinvestment).

Some of the representatives raised the issue of implications of the Kelkar report and recommendations on the flow of Foreign Direct Investments (FDI) into the country. Urging the State Government to use its good offices with the Centre on several issues, they said opening up of the insurance sector further (more than the existing 26 per cent) would help increase FDI, they said.

Companies represented at the meeting included Wartsila India, Ernst & Young, Efunds, Standard Chartered, Panalpina, and HSBC Electronic Data Processing India.

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