The three chief ministers are being brought together by the CII here for a special session on state finances, sustainable economic development through catalysis of investment in all sectors of the economy, creation of framework for private sector participation in infrastructure development, reorientation of institutional mechanism in a changed investment environment, inter-state coordination and smart governance.

I.S. Paul, chairman of the Chandigarh Council of CII, said the growth in agriculture in these states was tapering, thereby creating a need to move towards a new paradigm of agricultural development. The focus should be on diversification to high-value produce and value addition through downstream industry, he added. Also, the government must concentrate on growth in the services sector, which is likely to be the single most critical driver of future growth.

Paul said the states must change their policies and reduce wasteful expenditure, which had resulted in a number of distortions and affected fiscal health of their economies. "The industrial policies have failed to effectively address the infrastructural and institutional contexts within which development and new investments happen due to lack of inter-departmental coordination and cooperation," he added.

Rakesh Mohan, a leading economist, will speak on state finances. In addition, CII is organising a three-day Consumer Fair, which will have five exhibitions on automobiles, mega brands, information technology, office equipment and building material from October 29-31. The auto show, which is being organised with support from Society of Indian Automobile Manufacturers and Automotive Components Manufacturers Association, will have leading firms such as Daewoo Motors, Hero Honda, Escorts, Yamaha, Ford, Hyundai, Eicher and Royal Enfield, Hero Honda. It is expected to attract at least 100,000 visitors.