• Calls for building India into a knowledge society

• Fiscal package for hardware industry in a week

STRESS ON R&D: Union Finance Minister P. Chidambaram, SPEL Vice-Chairman Ar Rm Arun and SPEL Chairman A. C. Muthiah at SPEL Semiconductor Limited, Marimalai Nagar, near Chennai on Sunday. — Photo: K. V. Srinivasan

MARAIMALAI NAGAR: Union Finance Minster P. Chidambaram, on Sunday asserted that he was willing to tolerate any debate and, perhaps, even dissent as long as it did not come in the way of the targeted eight per cent growth of the Indian economy.

Addressing a function got up by SPEL Semiconductor Limited to launch leadless moulded packages at Maraimalai Nagar, Mr. Chidambaram said, ``it is my intention to ensure that India grows at eight per cent.'' He made this remark specifically addressing the overseas visitors in the audience. ``Any dissent that comes in the way would be brushed aside,'' he made it very clear. The Finance Minister asserted that India could grow at more than eight per cent.

Emphasising that none would part with R&D (research and development) for nothing, he called for building India into a knowledge society. ``How long can India remain as a knowledge-borrowing society?'' he asked. It was time India became a ``knowledge-inventing, knowledge-producing and knowledge-sharing society,'' he added.

In this context, he pointed to the success achieved by Indians living elsewhere in the world. A climate could be created in India as well for the Indians living abroad to return and achieve success, he added.

While lauding SPEL Semiconductor for setting up the only cutting-edge technology facility for IC (integrated chip) assembly and testing in India, Mr. Chidambaram said the competition was not far away and that it was just some kilometres away (pointing to a new unit coming up in the vicinity). ``Competition is not measured by distance but quality,'' he added.

The Finance Minister said he would live up to his promise made in his budget speech on incentive package for the hardware industry. ``My intention is to keep the promise,'' he said. A fiscal package for the hardware industry would be out in a few weeks from now. He expressed the optimism that the hardware industry in India would reach the position that software had scaled now. It took 15 years for the software industry to do this. This should happen in a much shorter time frame in the hardware industry, he said.

Mr. Chidambaram said IC assembly and testing were only initial technology steps in the chain of hardware production.

``We must set up fabrication units. We must manufacture chips,'' he said.

Ar Rm Arun, Vice-Chairman, SPEL Semiconductor, said the company had drawn up a $286 million five-year investment plan. This would also see the company expand its product portfolio and set up a Special Economic Zone. This would see the company's IC volume increase from 185 million now to 5,575 million in five years.