Last Updated on November 11, 2021 11: 22pm
The Federation of Indian Chambers of Commerce and Industry (FICCI) on Friday suggested a five-point ‘PEACE’ action plan for the industrial development of the country at a time when border tensions with China are at its peak and demand for boycotting Chinese goods are escalating.
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As per reports, FICCI president Sangita Reddy, in a letter to Members on India-China stand-off and Industry Action Plan, said that India needs to follow the organization’s action plan for domestic industrial development.
“We have been standing shoulder to shoulder with the government in dealing with the situation and have been sharing with you our inputs and responses to the government,” Reddy said.
“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,” she added.
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FICCI’s five-point ‘PEACE’ action plan comprises of Productivity, Efficiency, Alternates, Competitiveness and Exports.
“Many of you must have already started taking actions and I would suggest the following five-point ‘PEACE’ action plan-Productivity: Raising productivity by setting benchmarks is one of the most important elements here. Benchmark yourself against the best in class, set goals and aspire to achieve those goals. If you need any assistance from FICCI in this regard, we have a consultancy wing that will help you, Reddy stated.
“Efficiency: While we improve productivity individually, we have to improve the efficiency in the whole ecosystem. Work with local and state governments to improve efficiency through reforms to improve ease of doing business,” she added.
“Alternates: Many in the industry are dependent on suppliers form a single country. For many products, while we have large domestic production, yet we import. Each one of you should look at alternate sources of supply from other countries,” the letter stated.
“Competitiveness: Innovation and value-addition will enhance competitiveness and allow entry into the global supply chain — this is a must now. Firms compete and not countries,” Reddy wrote.
“Therefore, we as an industry must focus on improving competitiveness,” Reddy further said.
The current COVID situation has seen many sectors and firms innovate and competitively produce different products and services, we need to look at each of our businesses and prepare an action plan for competitiveness,” Reddy added.
“Exports: Focus on exports. If you are not exporting, pleases look at exporting 5 per cent of your production, to begin with, and those who are already exporting must aspire to double it. Explore new markets, new products and services. We need to collectively work to increase exports to levels that help India take its share in the global trade to 8-10 per cent,” Reddy stated.
“FICCI has taken up these points and specific recommendations with the government for the industry as a whole and in specific sectors and we will enable you to work on this PEACE formula in all possible manner,” she added.