Indian industry meets Commerce Minister
n interactive meeting with
Sitharaman, Minister of State (Independent Charge), Ministry of Commerce & Industry, Government of India, was organised on June 14, 2014, in Chennai.
The Minister urged industry to explore the possibilities of exporting products to China. “Why they (Chinese products) are able to intrude into our market so deeply?" Sitharaman asked. She also asked, “Why is it that Indian manufacturers did not get into these markets? All your assertions show me is that there is so much possibility. Why were the Chinese able to identify these markets and you were not?” She added that flooding of the Indian domestic market with Chinese goods happened partially because Indian businessmen failed to identify the potential of these markets.
Sitharaman said that it would help the government if the industry could take 10-20 examples of goods manufactured in India that are suffering because of competition from the Chinese in the domestic market. Next list out the subsidies and advantages that the Chinese enjoy and requested FICCI officials to take up the issue.
She also addressed the perceived gap between Delhi and South India in terms of policy consultations by asking industry representatives to bombard her department with their representations. Sitharaman assured that she will be travelling to Chennai regularly.
She stated that enough work on GST was being done and though she could not give a definite timeline but assured that GST will come into effect soon. Sitharaman also said that the BJP Government would review the Special Economic Zone (SEZ) policies and the Foreign Trade Agreements (FTAs) to boost investments and improve employment opportunities. She added that FDI in multi-brand retail was not welcome at the moment.
Sitharaman said she would also discuss the possibilities of having food processing units in the state so that value added products could be manufactured in Tamil Nadu.
n "Flooding of the Indian domestic market with Chinese goods happened partially because Indian businessmen failed to identify the potential of these markets."