Tamil Nadu Governor P S Ramamohan Rao today disagreed with the contention that the Indian industries were slowly perishing due to globalisation and entry of multi-national companies.

Inaugurating the "Regional Industry Seminar with focus on Expo Opportunities in Apparel, Biotechnology and Information Technology," he said that the multi-national companies were in fact finding it difficult to compete with the Indian industries.

The seminar was organised by the Department of Entrepreneurship Studies in association with Textiles Committee, Ministry of Small Scale Industry and Tamil Nadu Chamber of Commerce and Industry in Madurai.

Giving a list of pharmaceutical and cosmetic companies of India, which were giving a tough fight to the multinational companies, he said many of the Top 500 companies continued to earn more and more profit after the entry of rivals from abroad.

There was no way the country could escape the WTO (World Trade Organisation) agreement because the alternative was to sign trade agreements with 190 individual countries, which were not practical.

When even the communist countries like China were signing and had been preparing to join the WTO, India had no option, he said.