Business & Economy
Manmohan calls for low tariff levels to boost ties with Asean countries
What is India News Service, Wednesday, 24 November 2004, 1700 hrs IST
India will have to scale down its tariff to the levels prevalent in ASEAN countries to facilitate closer co-operation and boost trade ties with the economies of that region as well as of East Asia, Prime Minister Manmohan Singh has said.
Driving home the point that there was no more time to lose on this count, Dr Singh said: "For the last 10 years, successive finance ministers have said our tariff levels should move down and approach ASEAN levels. We have moved a great deal in that direction, but a lot needs to be done still."
At a select gathering after releasing a commemorative stamp to mark the 121st birth anniversary of the late Seth Walchand Hirachand, business and maritime visionary of yesteryears and founder of Hindustan Construction Company Ltd and Hindustan Aircraft Ltd, now the State-owned Hindustan Aeronautics Ltd, Dr Singh said: "It is, indeed, one of the saddest chapters of our industrial policy that we failed to build on the foundation established by Walchand Hirachand in this area."
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