The last couple of months have witnessed a renewed fervour in the direction of realizing the great Indian dream of a vibrant and self-sufficient India- wherein growth with distributive justice is a new reality. And this vision, I feel, is sought to be achieved by implementing the Common Minimum Programme in its entirety. Against this backdrop, the introduction of National Rural Employment Guarantee Act (NREGA) and the unveiling of the Outcome Budget could be regarded as major steps in this direction during the month.

The second major initiative, namely the Outcome Budget presented to parliament this month, is according to me, a historic fulfillment of yet another 'Budget' Commitment, based in the percepts laid down under the Common Minimum Programme. But, unlike the NRGEA, the Outcome Budget is a welcome step which would eventually improve the functioning of the government at the Central Level. Such an exercise, along with the right to Information Law, should be seen as a giant step towards improving governance as well as enhancing accountability and implementation obligation within the government. What is more, not only the citizens but also the government stands to benefit by this exercise as it would now be able to convince the citizenry about the seriousness of quality control in expenditure and it could push for its spending and taxation programmes without inviting resistance. Indeed, the outcome budget is a first step of a long but necessary journey and I hope that the government would subsequently improve upon its content and structure and introduce more such initiatives in the direction of affording efficiency and transparency in the system.

At the same time, our economy is in a resilient mode with sustained growth in industrial sector, moderate inflation, a buoyant capital market, comfortable foreign exchange resources and a satisfactory monsoon. And the big news is that on 9th September the benchmark BSE sensex has surged past the psychological mark of 8000 with a small rally of 105 points. No wonder, Lord Levene, Chairman, Lloyd's, has said that "India is a force to reckon with, a destination that no businessman can afford to ignore".

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. And as I have already mentioned in these column, our Chamber has made a singular contribution towards raising pertinent state level issues in the centenary year by organizing mega events in Madhya Pradesh, J & K and Uttaranchal. The month of September has seen renewed efforts to intensify our involvement in the States by bringing more states within the ambit of our programmes. In fact, the Chamber has moved ahead to replicate our successful performance at Punjab, New Delhi and Rajasthan as well.

The Seminars and meetings in these States were on issues of contemporary relevance such as economic development with focus on infrastructure and IT, agribusiness and biotechnology which has helped in unraveling a new vision for the states 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 Ministers who have felicitated industrialists and persons of eminence 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.

Apart from the centenary celebration programmes, the Chamber also organised series of workshops on FBT to discuss industry's concerns and its views on the newly introduced tax. The Chamber also hosted foreign delegations and also organised a joint event with FICCI on how to promote bilateral trade between India and Pakistan, where commerce ministers of both the countries were also present.

I also take the opportunity to solicit your views on the issues you deem fit, for the Chamber to take them up in its future programmes. I shall look forward to an active participation of our members in our future programmes.

K. N Memani
President