Friday, September 23 2005 15:21 Hrs (IST) - World Time -

Hyderabad: Defence Minister Pranab Mukherjee today (Sept 23, 2005) called upon the captains of Indian Industry to develop a business model of rural investment for improving income generation and overall economic prosperity at grass-root level.

Though India had registered the world's highest average growth rate of 6 to 7 per cent in the last decade, it still had to grapple with acute socio-economic problems with wide disparities still looming large and rural potential remaining untapped, he said.

"The challenge is to create a win-win situation where the basic economic issues are addressed while businesses grow," Mukherjee said while inaugurating the 32nd National Management Convention organised by All India Management Association (AIMA) here.

Over 1,050 delegates, including Chief Executives of leading corporate houses and management students from across the country, participated in the two-day convention focused on the theme 'The Best of the Best: Spirit of the Challenger'.

Stating that India was today recognized as the world's largest trained manpower pool having a cutting edge technological capability in building remote sensing satellites and nuclear power stations, he said, "Having come to this level we have a heavier responsibility to carry sustaining this privileged position in the long run and moving this position as well." He urged the business leaders to focus on harnessing the vast potential in rural areas to increase disposable incomes leading to greater demand and supply of goods and services.