Shri Vineet Jain, Distinguished Guests, Ladies and Gentlemen.

I am very happy to be here. The global economy is going through a period of uncertainty. At a time like this I am glad that so many participants not only from India, but also from abroad have taken the time to come here. I am sure all of us in India will benefit from the experience of other countries. I will take this opportunity to present to you some of my thoughts on the progress of the Indian economy and on the business environment.

Some of you may recall what I have said before - that true reforms are those which result in transformation in the lives of citizens. As I have said before, my goal is "reform to transform". Let me start with the basics. What should be the basic guiding principles of economic policy in any country, particularly for the developing countries?

Firstly, we have to improve the use of our natural and human resources, to increase the value addition we can get from them. This means increasing the efficiency in allocation of resources. It means greater managerial efficiency. It means removing unnecessary controls and distortions.

Secondly, we should create new opportunities for citizens to progress and also give them a choice of opportunities. Opportunity is like oxygen to the aspirational citizen and we are keen that this is never in short supply. In simple terms, it means Sabka Saath, Sabka Vikas.

Thirdly, we have to increase the quality of life of the common citizen and even more so, the quality of life of the poor. Quality of life may have an economic aspect, but it is not economics alone. If a government is progressive, and runs an honest and efficient administration, the biggest beneficiaries are the poor. I know from my experience, that poor governance hurts the poor more than it hurts others. Therefore, improved governance is as important as economic reform.

We live in a globally connected world. Actions of one country affect another. Such actions are not only based on trade and investment but also in matters of pollution and environment. A poet had said that no man is an island. Today it can be said that no country can live alone.

It is often said that all politics is local. To me, all economics is global. Indeed the distinction between domestic affairs and foreign affairs is increasingly losing relevance. For a country in the modern day, it is not sufficient that its economic policies should only address its domestic priorities. To me, India's policies must be such that they make a positive contribution to the rest of the world.

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