Don't bring rivalries to political table: FM to businesses

Making a passionate plea to the US and Indian businesses to work together for a prosperous society, Finance Minister P Chidambaram has asked them not to bring their "rivalries" to the political table.

Delivering the keynote address at the 38th annual Leadership Summit of the US India Business Council (USIBC), Chidambaram said here yesterday that India, facing the challenge of elevating its large population from poverty, is building its economy brick by brick. .

Also read: Chidambaram defends Indian policies as growth oriented

The Finance Minister said as a result of India's economic reforms, a number of Indian companies have grown in size and stature and at times tend to compete with the US companies.

This has resulted in competition between Indian and US businesses, he said.

Noting that business competition is the foundation of a free market and free economy, Chidambaram said, "Business rivalries should not be brought to the political table".

"I therefore appeal to you there is great opportunity to work together for the two countries," he said in his speech. "We are a country where we are building our economy brick by brick, and in that process we seek your help," Chidambaram said in front of an audience that included executives, officials and lawmakers of both India and the US.

"We have a very young population which is hungry and aspirational. We have a talent pool which is largely untapped," he said, adding, that there is need for the two countries to work together.

"We can do much better, if we work together. I sincerely hope that our meeting today and tomorrow and in the future would give us more and more opportunities to build prosperous society," Chidambaram said.

Chidambaram is in Washington for the past three days, during which he has met top American executives, lawmakers and officials.