| Manmohan Singh with S. Behuria, CMD of Bharat Petroleum, in New Delhi on Saturday. Picture by Rajesh Kumar
New Delhi, Jan 22: Prime Minister Manmohan Singh today exhorted the domestic industry to 'think big and think bold' to enable the country to emulate the Chinese economic success story.
Addressing a conclave of chief executives of leading Indian public and private sector companies, Singh said, 'Our motto should be to do as well as China in terms of growth in GDP, manufacturing, trade and infrastructure.'
Inaugurating a summit of Indian CEOs jointly organised by SCOPE, Ficci and CII, the Prime Minister said, 'despite the improved growth rates we have achieved in the last 15 years, our share of world trade, GDP and exports is much too small compared to the nation's potential and when we look at what a country like China has achieved in the last 20 years.'
'We must move away from the paradigm of incremental growth to a paradigm of exponential growth and growth into unchartered territory,' he added.
Stressing that the country should move towards global scale in manufacturing and services sector, the Prime Minister said the success stories of public and private sector companies should be replicated so that more and more Indian firms go global.
The Prime Minister said the government has made a clear commitment to empowering public sector enterprises and granting greater functional autonomy to their managements. 'We have already given our commitment to help in the globalisation of our navratnas, especially of firms in strategic sectors like energy. Both the navratnas and other public sector enterprises require competent managerial leadership,' he added.
Underlining the need to improve the quality of manpower right from the chief executive officer down to an ordinary worker, Singh said to deal with the challenge, the government was setting up a national knowledge commission.
The Prime Minister unveiled a study on '`Indian CEOs 'competencies for success' by the Hay's group of the US. The study was commissioned by Bharat Petroleum Corporation and the Public Enterprises Selection Board.
He said it was heartening to know from the study that the best Indian CEOs compared with their international counterparts and were even superior in some areas of management.
He said, 'India needs a knowledge revolution at all levels and not just at the top of the pyramid.'
'We need more centres of excellence as much as we need ordinary training institutions of high quality,' he added.
Although a CEO plays an important role in orderly functioning of an organisation, the American concept of CEOs laid excessive emphasis on individuals, he said.