From the Sec­re­tary Gen­eral's Desk…

FICCI Business Digest - - Front Page -

is in­deed heart­en­ing to note that the en­tire fo­cus of the eco­nomic de­bate in this coun­try cen­tres around get­ting the econ­omy back on the rails. The busi­ness com­mu­nity is nat­u­rally en­thused by the pos­i­tive steps an­nounced by the gov­ern­ment to lift the econ­omy out of the morass into which it has slipped. Growth is cer­tainly an im­per­a­tive and it is im­por­tant that In­dia re­turns to high rates of eco­nomic growth over a long pe­riod of time to cor­rect its cur­rent de­vel­op­men­tal de­fi­cien­cies. This should be cou­pled with in­creased re­liance on mar­kets for ef­fi­cient al­lo­ca­tion of financial and nat­u­ral resources, re­forms should aim at build­ing in­sti­tu­tions for ef­fec­tive rule-mak­ing, ad­min­is­tra­tion and ad­ju­di­ca­tion and eco­nomic and so­cial pol­icy de­ci­sions should be made at the low­est rungs of ad­min­is­tra­tion in states. See a re­port in this is­sue.

FICCI re­mains com­mit­ted to as­sist­ing In­dia’s busi­ness com­mu­nity in re­ju­ve­nat­ing and strength­en­ing ties with its coun­ter­parts in the SAARC re­gion. This was am­ply demon­strated by Sid­harth Birla, Pres­i­dent of FICCI, when he called on the SAARC lead­ers who were in New Delhi to at­tend the swear­ing in cer­e­mony of the Prime Min­is­ter of In­dia, Naren­dra Modi. Birla met Hamid Karzai, Pres­i­dent of Afghanistan; Sushil Koirala, Prime Min­is­ter of Nepal and Prof G L Peiris, For­eign Min­is­ter of Sri Lanka. The South Asian re­gion, he said, needed to be put on a strong pedestal of sus­tained growth and de­vel­op­ment and em­pha­sised that the pri­vate sec­tor of In­dia was stead­fast in its com­mit­ment to build strong eco­nomic ties with neigh­bour­ing coun­tries.

A key agenda of FICCI is im­prov­ing manufacturing com­pet­i­tive­ness that would en­able our econ­omy to achieve in­creased con­tri­bu­tion of manufacturing to our GDP. The cur­rent share of 16 per cent of manufacturing in In­dia’s GDP has been stag­nant for the last two decades and is nowhere near its po­ten­tial. Achiev­ing this tar­get re­quires en­abling pol­icy en­vi­ron­ment and also the need to fol­low global best prac­tices in the pro­cesses at firm level. To give a fil­lip to this move­ment, FICCI has in­sti­tuted Qual­ity Sys­tem Awards which are ex­pected to mo­ti­vate and act as a cat­a­lyst to en­cour­age In­dian man­u­fac­tur­ers to adopt ro­bust qual­ity sys­tems and thereby suc­cess­fully face com­pe­ti­tion in the global mar­ket. We carry a re­port on this sub­ject.

The Latin Amer­i­can and Caribbean (LAC) re­gion has gained in im­por­tance for In­dia in terms of its en­ergy and food se­cu­rity, knowl­edge-based ac­tiv­i­ties, and in ar­eas of so­cial pro­tec­tion and in­clu­sive growth. FICCI feels that eco­nomic en­gage­ment be­tween In­dia and LAC re­gion can be en­hanced mainly by way of in­vest­ments, as con­ven­tional trade in goods has its chal­lenges on ac­count of dis­tance, time zone dif­fer­ence and busi­ness cul­ture. In this back­drop, the firstever In­dia LAC In­vest­ment Con­clave, or­gan­ised by FICCI, jointly with DIPP, is sched­uled to be held on Oc­to­ber 16-17, 2014, in New Delhi.

We hope you will find the contents of this is­sue in­ter­est­ing.

A Di­dar Singh

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