New Delhi: Issues including impact of FTAs signed by India, ways to promote start-ups and boost economic growth was deliberated upon during the meeting between Commerce Ministry and the industry chambers here on Thursday.
Commerce and Industry Minister Nirmala Sitharaman said the key issues raised by the industry include surge in imports, competitiveness of some sectors and increasing investments, among others.
The industry chambers also raised concerns over FTAs (free trade agreements) and their impact on Indian industry and commerce, the minister said, adding that the ministry would take inputs from the industry at the time of review of these pacts.
India has so far signed free trade pacts with countries including Japan, Singapore, South Korea and Asean. Indian industry and exporters have time and again said these pacts have benefited the partner countries more.
"We had a detailed discussion on the industry, investment and understood the situation that is prevailing, the industry's mind about what is happening in the Indian economy today and also from their perspective what is it that government can do or the states can do towards improving situation," she told reporters after about two hour long meeting.
Further, an official who attended the meeting said the minister asked the industry to become more competitive and also allayed apprehensions about the 12-nation Trans-Pacific Partnership (TPP) trade deal.
She informed the industry about India's focus on CLMV (Cambodia, Laos, Myanmar and Vietnam) countries besides assuring them to look at their demand on inverted duty structure in few sectors which are impacting domestic manufacturing.
Senior officials of the ministry gave presentation on start-ups, Make in India and trade scenario to the chambers. The chambers suggested measures to further liberalise FDI regime, new initiatives that could be taken up under Make in India programme and strategy to promote start-ups.
CII President designate Naushad Forbes, who attended the meeting, said that on start-ups there is a need to remove regulatory burden for such firms which are below a certain threshold limit, say less than Rs 5 crore capital and make it more attractive.
On FTAs, he said it was discussed that "how do we turn FTAs to the advantage of Indian industry”.
Former Ficci President Harsh Pati Singhania said that the key issues, which are discussed, include ways to increase growth rate and investments.
“On start-ups we suggested to look at several issues such as facilitating start-ups and closing of start-ups, funding and tax ambiguity for funders," he told reporters.
