Details
“Think 10% GDP Growth Rate India: CII President, Part – 2″
01-Jul-2019
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Focus on growth, jobs, trade and sustainability
KHL News Bureau
[email protected]
“Creating manufacturing jobs at scale by facilitating enterprise creation and undertaking labor law reforms along with social security measures is then need of the hour. Industry-led skilling through skill vouchers, incentivising new hires of certified workers and vocational education at school level will raise skill levels,” according to Kirloskar.
CII has a strong agenda for skilling and connecting youth to jobs through Multi-skill Centers, apprenticeship initiatives and Model Career Centers, among other programs. These efforts reach out to 1 million youth each year and CII plans to multiply this to impact 10 million youth.
As global trade dynamics are rapidly transforming and global value chains are shifting, India has the opportunity to capture a larger share of the world goods and services market. Boosting net exports and enhancing overseas investments is an imperative for the nation at the current juncture. India should target merchandise exports of $400 billion for 2019-20 from $331 billion now, Kirloskar added.
“We need to find alternative schemes compatible with WTO to support exporters. While there has been considerable improvement in overall ease of doing business, trade facilitation must ensure seamless connectivity to external markets. Trade financing too needs immediate attention of the Government as only 1% of total commercial banks’ lending goes towards trade financing,” the newly elected CII President said.
The Government has identified 12 champion services sectors for export promotion which require tailored policies for addressing domestic and external impediments. Similarly, transfer pricing policies and faster procedures can improve the climate for multinational companies investing in India.
On free trade agreements Kirloskar noted that a better strategy should be in place to leverage their benefits as these have not resulted in significant export outcomes. He suggested fast-tracking FTA negotiations with the EU. The new trade policy should support FDI for better integration into global value chains, according to a CII press release.
CII has shared a compendium on trade facilitation with the Government and would continue to work on the 12 champion service sectors. It has also launched a comprehensive study on FTAs to articulate the country’s offensive and defensive FTA interests.
“It is important for the Government to lay down a road map for the transition towards electrification in the transport system while ensuring continuity and certainty of FAME 2 and providing freedom to industry to ensure this change. In addition, government policy needs to be technology agnostic towards all green technologies,” Kirloskar stressed.
CII’s policy recommendations for reducing carbon emissions and oil dependency in the transport sector include a supportive green technology policy, developing infrastructure for electric vehicles such as charging and batteries, and integrating e-mobility with renewable energy.
The Indian economy has been growing at an average annual growth rate of 7.5% during the last five years and is expected to continue to be the fastest growing major economy in the world.
Cont…”
“Focus on growth, jobs, trade and sustainability
KHL News Bureau
[email protected]
“Creating manufacturing jobs at scale by facilitating enterprise creation and undertaking labor law reforms along with social security measures is then need of the hour. Industry-led skilling through skill vouchers, incentivising new hires of certified workers and vocational education at school level will raise skill levels,” according to Kirloskar.
CII has a strong agenda for skilling and connecting youth to jobs through Multi-skill Centers, apprenticeship initiatives and Model Career Centers, among other programs. These efforts reach out to 1 million youth each year and CII plans to multiply this to impact 10 million youth.
As global trade dynamics are rapidly transforming and global value chains are shifting, India has the opportunity to capture a larger share of the world goods and services market. Boosting net exports and enhancing overseas investments is an imperative for the nation at the current juncture. India should target merchandise exports of $400 billion for 2019-20 from $331 billion now, Kirloskar added.
“We need to find alternative schemes compatible with WTO to support exporters. While there has been considerable improvement in overall ease of doing business, trade facilitation must ensure seamless connectivity to external markets. Trade financing too needs immediate attention of the Government as only 1% of total commercial banks’ lending goes towards trade financing,” the newly elected CII President said.
The Government has identified 12 champion services sectors for export promotion which require tailored policies for addressing domestic and external impediments. Similarly, transfer pricing policies and faster procedures can improve the climate for multinational companies investing in India.
On free trade agreements Kirloskar noted that a better strategy should be in place to leverage their benefits as these have not resulted in significant export outcomes. He suggested fast-tracking FTA negotiations with the EU. The new trade policy should support FDI for better integration into global value chains, according to a CII press release.
CII has shared a compendium on trade facilitation with the Government and would continue to work on the 12 champion service sectors. It has also launched a comprehensive study on FTAs to articulate the country’s offensive and defensive FTA interests.
“It is important for the Government to lay down a road map for the transition towards electrification in the transport system while ensuring continuity and certainty of FAME 2 and providing freedom to industry to ensure this change. In addition, government policy needs to be technology agnostic towards all green technologies,” Kirloskar stressed.
CII’s policy recommendations for reducing carbon emissions and oil dependency in the transport sector include a supportive green technology policy, developing infrastructure for electric vehicles such as charging and batteries, and integrating e-mobility with renewable energy.
The Indian economy has been growing at an average annual growth rate of 7.5% during the last five years and is expected to continue to be the fastest growing major economy in the world.
Cont…”
