In­dian industry meets Com­merce Min­is­ter

FICCI Business Digest - - Front Page -

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."

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