India's recent initiatives to forge economic and strategic partnerships at the global level, which are in consonance with the trend prevailing the world over, demonstrate the growing maturity of our country as a player on the global stage. I say this because, in an interdependent world order, our country has been able to leverage its negotiating skills to successfully fulfill our national priorities even while striking commercial agreements at bilateral and regional level and ensuring that they work to our mutual advantage. Such a move signals a keen desire to engage proactively with the process of globalization and take such initiatives in the prevailing FTA paradigm that well serve both our economic and strategic objectives.

The Indo-US defence framework is yet another example of India's growing confidence as an emerging power and demonstrates our ability to negotiate a defence framework agreement in enlightened self interest.

The striking aspect of the defence deal is its clarity and that the deal is based on shared interests. The objectives outlined in the framework stem from shared global concerns such as fighting terrorism, protecting sea lanes and commerce flowing through them, preventing the spread of nuclear weapons etc. In my view, the biggest advantage in favour of this agreement is the willingness of the US to offer its defence technologies to India that would help us to enhance our capabilities and achievements. The Indo US Defence framework is a clear signal that India is getting business like in its negotiation, in pursuit of its national interest, which is how it should be.

Another momentous and interesting turn of events has been the invitation extended to India to participate in the G-8 summit at Gleneagles in Scotland. It is indeed, a tribute to our diplomatic initiatives that our country has been invited, for the first time, along with five large developing countries to participate in the summit and articulate its views at this forum on issues such as climate change, energy and sustainable development as well as aid to Africa. Here I would say that our Prime Minister did a yeoman's service to the cause of the developing world when he urged for higher imposition of Intellectual Property Rights regime on the conversion of environmentally clean technologies into a 'public good' for the rich and the poor to share alike.

Having said so, I feel the outcome of G-8 summit could have been significantly different had it not been for the interruption caused by the terrorist blast and the human tragedy wrought by the multiple and coordinated bomb explosions in Central London during that time. The terrible carnage has clearly eclipsed the coordinated as well as separate efforts of five big developing countries including India to constructively engage in a dialogue to adopt a minimum common position on poverty alleviation in Africa and climate change. We in the Chamber deeply mourn the misfortune and strongly express our deep and heartfelt anguish to all those who lost their family members in this tragedy.

To brief our readers on PHDCCI activities, I would like to reiterate that in the Centenary year, the Chamber continues to work closely with the State Governments in our Command area to foster rapid economic development. After the singular contribution made by our Chamber in terms of raising pertinent state level issues in mega events organized in Madhya Pradesh and J & K, the Chamber has moved ahead to replicate this performance at Uttaranchal as well. The Seminars and meetings held in Uttaranchal, on issues of contemporary relevance such as economic development of Uttaranchal with focus on infrastructure and IT, agribusiness and biotechnology has helped in unraveling a new vision for the state and delineated areas where the potential could be harnessed for further growth. The highlight of the event, once again, has been the presentation of 'Udyog Ratna' awards by the Hon'ble Chief Minister of Uttaranchal facilitating industrialists for their contribution towards the economic growth of the state. Efforts are on to initiate similar programmes on a grand scale in other states as well.

With the globalisation of the Indian economy, it is being increasingly realized that augmenting economic growth is crucial for sustenance and wealth creation at the aggregate level. Against this backdrop, the Chamber is organizing a meeting with Members of Parliament on the Common Minimum Programme shortly. Another Conference on ushering good governance in Board Rooms is being organized for indepth discussion on expectations from the independent directors in ensuring governance in the light of various practical issues. I take this opportunity to invite you to participate in the deliberations.

K. N Memani
President