Indian industry should begin exporting 5% of its production and exporters should double their volumes, while exploring new markets to take the country’s share to 10% of global exports, FICCI has said in an industry-wide five-point action plan.
The industry body has asked members to look at alternate countries for sources of supply for imports amid the ongoing border standoff with China and Covid-19, while benchmarking productivity and efficiency levels against the best to make local firms more competitive globally.
“FICCI and its members have been supporting all the steps taken by the government in handling the standoff at Galwan Valley, and will continue to support,” Sangita Reddy, president of the Federation of Indian Chambers of Commerce and Industry (FICCI) said.
“While measures have been taken at the government level, it is equally important that industry also takes some actions to strengthen the government’s hand in putting ‘India first’,” she added.
Among the steps that the industry must take, FICCI has stressed on finding alternatives to supplies from a single country – inferring to China without naming it – by looking at other countries and also procuring domestically.
“We should work collectively to encourage suppliers and buyers to develop alternate globally competitive supply chains in India,” Reddy said in her letter to members.
Source : Times of India