Addressing a press conference in Calcutta on Thursday, Bangur said the time has come to carry out radical internal liberalisation to make industry globally competitive. "Therefore, the main thrust of the chamber's activities will be geared towards the much needed second generation reforms, without which rapid progress will not be possible", said Bangur.

Industry has to take a big jump forward in infrastructure and ICC, on its part, will actively network with the central and state governments to ensure a timebound integrated plan for infrastructure development in the country.

To find an acceptable solution to labour and employment problems, ICC will prepare a strategy for the promotion of theservices sector, which is employment-intensive and suggest recommendations for its speedy development. Bangur said the Board for Industrial and Financial Restructuring (BIFR) should be abolished, and one should look at using assets more productively rather than trying to solve the problem of sickness.

The second generation reforms will have to look at eliminating wasteful expenditure and maximising the returns from assets which have been created over the years, he said, adding that ICC will look into fiscal reforms that allow us to move towards a central VAT system, better compliance and transparency.

Bangur said the unfinished agenda in financial sector reforms will have to be carried urgently. "We need to look at our interest rate regime, exchange rate policies and the capability of the banking and capital market sector to raise and apportion resources that enable the adequate flow of funds towards building international size corporates to meet global challenges," he said.

To help corporates in thisregion prepare for a post-WTO business environment, ICC is launching an initiative to conduct WTO audit in companies, which will indicate their preparedness to meet the WTO guidelines and help them gear up strategies to operate in an international economic environment.

Bangur said ICC in its efforts to contribute to various social development issues plans to pursue certain education based programmes. This has been inspired from a project called `Pratham' which was initiated by N Vaghul, chairman of ICICI.

"In our efforts to shape India's response to millennial changes, the ICC will strongly pursue the second generation reforms. Several task forces at the chamber have been formed to examine these areas in detail," he said.

The second pillar of ICC's efforts this year will be the initiatives taken to promote sub-regional economic cooperation in the emerging east.

The information technology sector will play a crucial role as an area of core competence for India and to address this issue, ICC will preparea strategy report to develop the services sector. "We are convinced that era 2000 will be led by service-based industries," said Bangur.

The third pillar of ICC's initiatives this year will focus on two critical IT areas. Information sourcing will assume a new dimension and ICC will identify such opportunities and also help in resolving policy issues necessary to promote its development, said Bangur.

On the concept of `generation next' as the fourth pillar, Bangur said ICC was in the process of forming a Young Leader's Forum that will look into the hopes and aspirations of the younger generation and help shape leadership skills that will enable them to manage dynamic changes ahead. "We are targetting the age group of 18-35," Bangur added.