So we take a while, the US can’t even elect a President — Sinha

It was a theme which, through the opening day of the 3-day meet, all Indian politicians kept returning, possibly to tell the CII-WEF delegates they needed to be a bit more patient. Prime Minister Vajpayee spoke of how `during the last one year misgivings about the globalisation process have become more and more pronounced’, and Disinvestment Minister Arun Shourie spoke of how vested interests slowed down change in all parts of the world, including the developed one — the US and Europe, Shourie told CII-WEF at lunch, was unable to move fast on removing farm subsidies or the barriers to free trade in textiles!

Sinha pointed out that, according to CII’s own analysis, India was one of the best investment destinations in the world. Portfolio investors in India had earned a return of 24 per cent over the last decade, and MNCs had an internal return of close to 20 per cent. The Finance Minister spoke of the various changes India had made to make life easier for foreign investment — foreign investment put on automatic route, removal of dividend balancing clauses, and so on — but then confounded the audience with some unbelievable stuff.

Reacting to a two-day old CII-WEF statement that the bureaucracy was the biggest stumbling block, Sinha told a largely-amused audience that the `Indian bureaucracy is there to help you, don’t be afraid.’ Unmindful, and somewhat dismissive, of the constant complaints industrialists keep making, a stern Sinha said that the bureacracy couldn’t be a problem since the government had made such sweeping changes that `no one need come to the Bhawans any more in Delhi.’ And then, perhaps to lighten the mood, Sinha added `we don’t want to see your face, please get lost and do your business.’

Interestingly, in sharp contrast to earlier meets, the tenor at the opening day of the CII-WEF meet was quite appreciative of what government had done in terms of reforms. In fact, WEF managing director Claude Smadja, usually a bitter critic of Indian policy (though his main speech will take place only tomorrow), was quite effusive while welcoming Prime Minister Vajpayee — `we know that you don’t see economic growth as an end in itself, but as a tool to improve the standard of living of people, and to eradicate poverty.’

Collette Mathur of the WEF went even a step further in welcoming Vajpayee: `you are not only a great political leader and truly a visionary, you are also a celebrated poet.’ Mathur then went on to read a couplet from one Vajpayee’s poems, usually something done only by BJP ministers and MPs anxious to curry favour with their leader. (She even read one line in Hindi).

And in response to Vajpayee asking CII’s 4000-plus members to be aware of their social responsibility, to adopt at least one primary school and one healthcare centre, CII’s Sanjiv Goenka promised `here and now’ that this would be done.

So, whatever the outcome of the CII-WEF meet, bureaucrats in the health and education ministries would do well to catch Goenka later this week, to get him to get his colleagues to honour this commitment.