Billed as Asia's biggest infrastructure investment opportunity, Vision 2010 was hailed by Sinha as a realistic, achievable and practical vision and not just a ``visionary vision''. Sinha gave the State Government a pat on the back for clearly defining its infrastructure needs and coming out with the Gujarat Infrastructure Development (GID) Ordinance which he described as a red letter document.

He said that the GID Ordinance under which the concept of BOT (build, operate and transfer) would work would bring an end to the kind of uncertainties that had so far retarded progress of infrastructure projects. He said the procedures in the document were so well laid out that nothing was left to the discretion of individuals which meant greater transparency. According to him, the private sector had so far shied away from participating in infrastructure development due to lack of transparency and government controls.

But now with reforms firmly in place, Sinha felt the government must do everything possible to attract private investment and foreign funds from agencies like the International Finance Corporation (IFC) and the World Bank (WB) to play the role of facilitator in these efforts.

The Finance Minister said so far the inconsistency in policy application had been the bane of development and it was here that Government of Gujarat had scored over others with its need-based approach and adoption of GID Ordinance. He said the economic viability of the projects had to be established beyond doubt if private investment was to be attracted. Sinha commended the State Government for assuring investors minimum returns by allowing them essential tariffs so far as the power sector was concerned.

The minister said that in the power sector, independent power producers were given freedom of transmission and distribution besides 100 per cent foreign equity. On similar lines, user charges would be absolutely essential in other sectors like water supply and roads and tariff regulatory authorities would have to be set up for the benefit of service providers and customers.

Sinha also warned States in general against competing to attract more and more investment. ``It is important to give up the inter-State rat race because there is limit to providing concessions'', he said.

Without naming any state, he also advised investors not to get taken in by unrealistic incentives offered by some state governments. He said Gujarat had always offered realistic incentives and not entered into any incentive war.

He said a committee recently formed under Jyoti Basu would arrive at a similar tax/incentive regime to avoid unfair incentive competition among states. Sinha assured the State Government that the Centre would assist in its development endeavours because ``if Gujarat progresses, the country will progress.''

Union Home Minister L K Advani, who made a surprise appearance, blessed the agenda saying it would lift Gujarat from the status of one of the most industrialised states to that of ``the most industrialised state'' in the country.

Chief Minister Keshubhai Patel, who heads the Gujarat Infrastructure Development Board which has come out with Vision 2010, said infrastructure development was the key to sustained economic growth which in turn was necessary for poverty alleviation. He said Gujarat had envisioned economic liberalisation way back in 1990 when he was number two in the late Chimanbhai Patel's Cabinet and pioneered the concept of port privatisation.

Patel said the Vision 2010 document was not just a simple document but a full fledged, time-bound action plan worked out to the last detail wherein mindless aping of the West had been consciously avoided.

Justifying the 10-year period of the Vision 2010 plan, Patel said 10 years was quite a long period in the fast changing present day world. He said the Vision 2010 would not be left as it was, but each department of the State Government would have a Project Cell to monitor implementation of Vision 2010 to the extent of that department's involvement. State Industries minister Suresh Mehta said that the one thing quite unique about Gujarat was that economic reforms were lent complete and unanimous political support cutting across party lines.

``But the later economic recession has thrown fresh challenges which required upgradation of infrastructure to meet the needs of the next decade,'' he said. Mehta said the three-pronged strategy -- Vision 2010, BOT concept and inter-sectoral linkages -- would play a great role in developmental planning initiatives.