News: CII targets 100 new billion-dollar firms

(DNA 21/04/2006) New Delhi - The Confederation of Indian Industry (CII) on Thursday said it will build 100 new companies worth $1 billion each in the next three years.

"By mentoring Indian companies from the million dollar club, we are targeting to create 100 new billion-dollar companies over the next three years,” newly-appointed CII president R Seshasayee said here.

He emphasised that there was enormous headroom to scale up the economy that was getting increasingly externalised as reflected in the growth in trade and net external capital flows.

While outlining four key missions that will retain the central theme of 'Competitiveness for Sustainable and Inclusive growth', Seshasayee said: "Keeping in mind the high growth rates registered in the country so far, India needs to re-position itself from a low-cost manufacturer/service provider to a creative and innovative product developer."

Manufacturing innovation, knowledge and skills development, 'Inclusiveness and sustainability would be the areas of key concern by the apex chamber for its forthcoming term.

The CII president announced the setting up of the Innovation Cell, in partnership with National Manufacturing Competitiveness Council, to develop future technologies across the manufacturing sector, specially among the SMEs.

Seshasayee also announced that he has constituted a task force on affirmative action headed by Tata Steel director J J Irani to prepare an action plan that will focus on education, skill development, employability, entrepreneurship and social development.

The action plan will be ready in eight weeks.