Industry gave a positive feedback on Prime Minister Narendra Modi’s initiative towards bringing an constructive consulting environment among Indian Industry. Terming the interaction with Hon’ble Prime Minister as very productive with substantive outcomes, Mr Sumit Mazumder, President, CII stated, “Hon’ble Prime Minister encouraged industry to explore opportunities in the context of unfolding global economic conditions and offered all support.”
The CII President was participating in the meeting on opportunities for India in the global scenario called by Hon’ble Prime Minister on 8 September 2015. Global economic conditions are undergoing volatility and uncertainty, following stock market upheavals in China, devaluation of yuan and slowdown in growth in many economies.
India benefits in terms of lower global commodity prices but would increasingly have to rely on domestic demand for sources of growth. Mr Mazumder stressed that investors are noting progress of economic reforms in India. The two biggest issues are reviving demand and introduction of GST for adding economy-wide competitiveness. “It is important that India does not get clubbed with other emerging economies. India’s economic fundamentals and current performance are superior to its peers”, said Mr Mazumder.
Exports would be a key concern in the current environment, believes CII. In view of the mega trade agreements that are being developed (like the TPP, RCEP, TTIP, etc), India needs to prepare by raising standards and regulatory infrastructure
To counter the global demand slowdown, India should target rural demand at home by investing in agriculture, irrigation and rural infrastructure, said Mr Mazumder. He added that India’s startup culture would benefit from Prime Minister’s call of ‘Start Up, India; Stand Up, India.’ CII’s new Startup Center would contribute to this effort.
Mr Mazumder also took up the areas of Smart Cities, Skill Development and ‘Waste to Wealth’ at the meeting where global investors could participate. CII has set up a Smart City mission for pilot projects in cities. CII is also leading 7 Sector Skill Councils. The CII venture with Andhra Pradesh Technology Development Center is working on waste management for converting waste to wealth.