India needs to grow new export markets, says WB economist
India is providing a strong growth to the world economy but it needs to grow exports in new products and markets, a senior trade economist with World Bank said.indore Updated: Oct 24, 2016 08:07 IST
India is providing a strong growth to the world economy but it needs to grow exports in new products and markets, a senior trade economist with World Bank said.
At the Make in India session on the final day of global investors summit on Sunday, Sebastian Saez quoted a report to stress that the country needs to address labour reforms, infrastructure development, access to finance and skilled labour for enhancing business environment.
Union revenue secretary Hasmukh Adhia said once the goods and services sector (GST) comes into effect, the states should focus more on services sector for job creation along with manufacturing sector. “In terms of growth, India is the brightest spot in the world today and Madhya Pradesh was perhaps the brightest in India.”
Adhia also gave a presentation on the GST’s impact on industry and how its implementation would make processes simpler.
Madhya Pradesh has developed a five-point test to improve ease of doing business, chief secretary Anthony DeSa said. “The steps are ‘can you do away with approval altogether’. ‘If you think it is absolutely necessary, can you go for third party certification?’ ‘If you can’t, then can it not be put online?’ ‘Having put it online, how do you simplify the procedure?’”
Department of industrial policy and promotion (DIPP) secretary Ramesh Abhishek said the introduction of ease of business rankings has lead to a healthy competition among the states. And the states were also learning from each other, he added.
CII director general Chandrajit Banerjee outlined four areas – improving connectivity, focus on implementing industrial park schemes, assistance to MSME sector and finance facilitation – for Madhya Pradesh to further boost the Make in India initiative.
Speakers said the ‘Make in India’ initiative was met with skepticism as many thought that it could be detrimental to Indian industry. But now the situation has changed and in sectors like defence, foreign and Indian companies are working together, they said.