Roadblocks to Nano would hurt economy badly: Mukesh Ambani

28 August 2008

Mumbai: Reliance Industries chief Mukesh Ambani has called for clearing the hurdles to Tata Motors' Nano project, saying the small car project is of ''national importance'' and any road-blocks to the project would deeply hurt the country's efforts at industrialisation and job creation.

''The Nano project is a unique and innovative initiative which will establish India's position as a small car hub. Indian industry must be encouraged to make such large investments in order to build the country's competitiveness as well as support job creation," Mukesh Ambani said in a statement.

He also called upon the political leadership of he country, irrespective of party affiliations, to work together and project a united front on projects of national importance, rather than creating a ''fear psychosis" among investors.

''A fear psychosis is being created to slow down certain projects of national importance. This will be counter-productive for the country's economic growth, its global image as well as our ability to attract investments from across the world,'' the Reliance Industries chairman said in the statement.

''Indian industry and the political leadership in the country need to work together to deliver on the aspirations of the millions of Indians in urban and rural areas," Ambani said.

The Reliance chairman's comments assume importance considering the fact that Mukesh Ambani normally prefers to keep a low profile and rarely makes public comments on controversial issues.