78^th Annual General Meeting
December 24, 2005, New Delhi

Address by Shri L K Advani, BJP President & Leader of the Opposition, Lok Sabha

Ladies and Gentlemen,

I thank the office- bearers of FICCI for inviting me to this luncheon programme on the occasion of your annual general meeting.

Tomorrow is Christmas. And the New Year is just a week away. Therefore, at the outset, I wish all of you Merry Christmas and a very Happy and Prosperous 2006.

2005 was an exceptionally happy year for India Incorporated. By and large, Indian companies produced more, serviced more, sold more, exported more and profited more.

The stock exchange may not be a barometer of the health of the nation's economy as a whole. But it does tell us how India's corporate sector is doing.

And I am sure you aren't complaining about the BSE sensitive index.

I am told that the index rose from 7,000 to 9,000 in just five months between July and November.

Now, I must confess that I am a layman in matters concerning stocks and shares. The only shares I worry about are seat-sharing among alliance partners before elections and vote share for my party after the elections.

So I asked someone who knows the stock market well to explain to me what this movement from 7000 to 9000 signifies. He explained to me that it means that the market value of companies listed on the exchange increased by Rs.50,000 crore in just five months.

Influence of business on politics

No wonder, with so much wealth being created, the language of business is influencing our language in so many non-business areas of life.

For example, if somebody loses an election or fails to get a party position, people say that person's "stock" has gone down.

Similarly, while selecting candidates for elections, we in politics are told to look carefully for the person's caste and the constituency's caste profile if we want to reap electoral "dividend".

Well, times change. And language also changes with the times.

I only hope that, in the process, politics doesn't become commerce.

In this context, the recent disclosures about MPs taking money for asking questions in Parliament is deeply worrying.

Success stories in business augment national pride

Friends, I fully share your joy and pride over the performance of the corporate sector.

Just as success in sports adds to national pride, I believe that success in business also has a similar effect.

Which Indian didn't feel proud when sachin Tendulkar became the highest century-marker in Test cricket?

Or when Sania Mirza's ranking in world tennis goes up?

Increasingly, it's the same with Indian business.

I felt very proud when I read in newspapers that Shri Narayan Murthy has been ranked among the ten most admired CEOs in the world.

Or when Shri Ratan Tata scored a big hit with Indica, against all predictions that India could never make an indigenous car and compete with the big names from America, Japan, Italy and Korea.

These days I see an advertisement on television - and it's about an Indian television manufacturer. It's a nice ad in which Shahrukh khan presents Videocon, the Indian Multinational. I am told that Videocon recently bought the plant of a French company, Thomson, which used to be a coveted TV brand a few years ago.

There was a time when we feared MNCs buying up Indian companies. Now, Indian companies are becoming multinationals by purchasing foreign companies.

Imagine what it means to a patriotic Indian.

Not long ago, there was a craze for imported goods and for foreign brands. The mentality behind it was: "foreign is superior and Indian is inferior."

That's increasingly becoming a thing of the past. You may still bank with Citibank, but not because you think that State Bank of India or ICICI are no good.

Reverse brain-drain

Again, until not long ago, there was a distinct preference among young and well-educated Indian professionals to go abroad and settle in USA or UK or Canada. "There are no opportunities for us in India," they used to say by way of justification. To some extent, it was true.

Now this too is changing. In recent years, the trickle of successful Indians coming back from abroad has become quite a large stream.

But even this is not all.

I recently read a news item in Business Line, which said that more and more foreign professionals seeking greener pastures in India. Let me read a few lines from that interesting news clipping.

"It is learnt that a growing number of senior foreign executives from Europe and South East Asia are putting their resumes in the headhunter basket for job opportunities beyond IT and BPO, in sectors such as healthcare, hospitality, and logistics. Even students from business schools across the world are evincing an interest in taking internships with domestic companies in India in order to have an experience of a fast developing market."

As I said, imagine what this means to a patriotic Indian. He or she may not have anything to do with the field of business, but they'll still feel their chests heave with pride.

In my opinion, the most important or admirable thing about the corporate sector is not whether the sensex has crossed 9,000 or not. Nor is it about how many individual businessmen have recently become millionaires and billionaires.

Rather, the most significant thing about Corporate India is the amazing contribution that Indian businessmen and professionals have made to the pride of being an Indian. It is the heightened self-confidence of India and Indians.

For this reason, friends, I want to congratulate you and salute the best amongst you.

The wheel of history is turning in India's favour

One thing is now absolutely clear: The Wheel of History is turning inexorably in India's favour and India is destined to soon emerge as one of the front-ranking nations in the world.

All of us know about the momentous changes taking place in the world- in the economic field, in international relations, in technology.

The old world order is rapidly giving way to a new one.

A new one in which India is universally recognized as an important player.

Be it in global business or global diplomacy, nobody talks of the future without a reference to China and India simultaneously.

A few years ago, it was only China. Now it is China and India together.

As a senior member of the government that governed India for six years under the leadership of Shri Atal Bihari Vajpayee, I draw deep satisfaction from the fact that we made a definite contribution to raising India's prestige and stature globally.

When we were in government at the Centre, we put a slogan on this aspiration. We said: "Let's make India a Developed Nation by 2020."

It seemed a tall order some years ago. Now, more and more people agree that turning this aspiration into reality is within our reach.

For that, all of us have to work harder and with still greater determination.

Other side of the Indian reality

Esteemed captains of Indian industry and business, while the successes of our corporate sector deserve applause, we should not be blind to many of the enduring problems plaguing the Indian economy.

It's not my wish to criticize the government on this platform, simply because I am the leader of the Opposition. We have lent our support to the government's reform policy, and will continue to do so.

However, during my travels around the country, I see a picture of Indian agriculture, the small-scale industry and the informal sector which does not fill me with a lot of cheer.

I wonder, where is the government's concern for the Aam Aadmi, in whose name the ruling party sought votes in the last parliamentary elections?

How much attention is the government paying to the plight of our farmers? Where is the focus on fishermen, on those engaged in animal husbandry, on crores of workers in the construction industry?

What is being done for slum rehabilitation and for drinking water in both rural and urban areas?

Big schemes with attractive names are being announced - and more often than not, they are named after members of one particular `royal' family. But where is the commitment and attempt towards their implementation.

Some of you might think that these issues are of no direct concern to the corporate sector.

I think otherwise. I firmly believe that India cannot achieve balanced and sustainable development without effectively addressing the needs of these neglected constituencies.

India cannot become a Developed Nation without the underdeveloped regions of our nation and underserved sections of our society are brought onto the highroad of development, with equity and social justice as our guiding principles.

Importance of the democratic change in Bihar

Friends, I just made a mention of the underdeveloped regions of our nation. What these regions need is not only more investment but, primarily, better governance.

One of the least developed and worst governed states in India has just received democratic deliverance.

No prizes for guessing which state I am referring to.

The nightmare of jungle raj that Bihar had to endure for 15 long years has now ended. I consider its ending, through a free and fair election, almost as significant as the ending of the Emergency Rule in 1977.

And it is no secret as to which side the main ruling party at the Centre was: for ushering in democracy and development in Bihar or for perpetuating corruption, criminalization and all-round regression in Bihar.

Now we have a popularly elected government in Patna, headed by Shri Nitish Kumar, who has won a decisive mandate of the people. My party is a partner in the coalition government in the state.

I assure you that we'll bring Bihar back into the mainstream of development. We'll restart the rusted engine of economic growth. We'll restore law and order in the order by dealing firmly with the nexus of the corrupt and the criminals.

I need not overstate the enormous importance and urgency of Bihar's socio-economic revival for the overall progress of India.

I would therefore like to use FICCI's platform to make an impassioned appeal to captains of India's industry, business and finance.

PLEASE START INVESTING IN BIHAR. SOON.

Invest your money. Invest your managerial resources. Invest your ideas. Bihar needs them all.

Gujarat is an emblem of our commitment to growth in all BJP-ruled states

You have seen my party's commitment to accelerated economic growth by encouraging the private sector, when we were in government at the Centre. Now you're seeing the same commitment in states where the BJP is in power.

I'd like to make a special mention here of Gujarat. Weathering all the malicious propaganda by our political adversaries. Gujarat has today emerged as arguably the best governed state in the country.

It has the most investment-friendly climate and business-friendly administration anywhere in India. Gujarat is making spectacular strides in the power sector, energy sector, port development, highway construction, development of Special Economic Zones, urban renewal, promotion of agri-businesses, etc.

I have mentioned Gujarat in some detail for two reasons. Firstly, it is a case study in how a chief minister can overcome all odds and promote the state's development single-mindedly. The second reason is that Gujarat's successes inspire our party to become development-focused in other states where we are in power.

All of you know about the rapid progress Rajasthan has made in a short time. On the central and eastern side of our country, which is lagging behind in development, our government of Chhattisgarh, Jharkhand and Orissa are assiduously encouraging private investments.

As far as Madhya Pradesh is concerned, I assure you that that the political turmoil there is now over and you can expect a very focused, positive and pro-growth attitude from our new chief minister in Bhopal.

Although I have mentioned only the BJP - ruled states here, my party deeply cares for the rapid development of every state in India. We believe that all must prosper. All must develop. Only then can our dream of making India a Developed Nation truly come true.

In making this dream come true, I commend Indian business and industry to play a bigger role than before, generating greater national pride and self-confidence than ever before.

Thank you, once again, for your kind invitation.

My best wishes to FICCI in its onward journey in service of the Nation.

Namaskar.