Speed is the mantra of the new millennium and Indian industrialists, businessmen, bureaucracy and the government must be geared to take quick decisions to keep themselves abreast in the new millennium, says Richard Celeste, US ambassador to India.

Addressing the 30^th annual general meeting of the Indo-American Chamber of Commerce in Mumbai on 12 July 1999, Mr. Celeste said, "The country has a great potential to grow, but it has to move with the times."

"In the context of sweeping information technology revolution, speed has become the essence of things," he added.

Companies in the US are witnessing dramatic changes. Industrial leadership has slipped from the traditional steel and automobile sectors to the infotech industry, with enterprises like Yahoo, Microsoft and Amazon.com becoming the rising corporate stars, he told the Indian entrepreneurs present at the meeting.

"Thanks to electronic commerce, business-to-business transactions were increasing by leaps and bounds. Costs had been reduced and end-consumers were benefiting enormously," he said.

Concerning the ongoing privatisation efforts, he felt that India had sent wrong signals by delaying the privatisation of the insurance sector and allowing entry of foreign firms.

P.R. Kumaramangalam, Union minister for power, in his reply to Mr. Celeste's observations said that India was never averse to speedy decisions.

"What we need is a clear signal from the US that there would not be any restraints," he said, citing the sanctions imposed on the Indian Space Research Organisation and its Russian counterpart for their cryogenic engine technology deals.

Mr. Kumaramangalam urged the US to be more objective and treat India as an equal partner in any Indo-US agreements.

Kamal Meattle, president of the chamber, in his address, said India should seriously consider joining the North Atlantic Free Trade Association (NAFTA), as there was a provision for any country to join the group. This single action would be the most powerful signal of India's intent to match its business, economic and trade and investment policies with the best of the free world, he said.