Southern States - Karnataka-Bangalore   

`Old economy will not be neglected'

By Our Staff Reporter

BANGALORE Dec. 5. The Minister for Large- and Medium-scale Industries, R.V. Deshpande, has said that the State will support the old economy as much as the new one.

He said the thrust had shifted from "incentives" to "human resource and infrastructure".

Mr. Deshpande made a strong pitch to investors in the manufacturing sector, holding up the State's deregulation Bill and soon-to-be-introduced VAT as evidence of its commitment, at the inauguration of ToolTech 2002, a machine tools expo, here on Thursday.

The exhibition has been organised by the Indian Machine Tools Manufacturers' Association (IMTMA) and the Confederation of Indian Industry (CII).

The minister agreed that "the IT sector was the priority at one time" but the old economy would not be neglected. The two sectors went hand in hand, he said.

He urged the IMTMA and CII to set up an R&D centre catering to the manufacturing sector, in Bangalore, as R&D was vital to global competitiveness.

V.S. Goindi, President, IMTMA, said a design institute set up by the association with help from the United Nations Industrial Development Organisation offered a comprehensive training programme in designing machine tools for engineers. The course was now open for admissions, he said.

Jamshyd N. Godrej, Chairman, Exhibitions, IMTMA, said the expo was an effort to bring the manufacturers and their products closer to the buyers in South India.

The exhibition has participation from 165 companies from 12 countries making manufacturing equipment and aids.

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