Deregulation, simplification will help: VP

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Calling for greater de-regulation in India, Venkaiah Naidu, Vice President of India said that strangulating regulations would not help, and added, “Simplifying rules, removing discretionary powers and decentralization will play a key role in quickening the pace of development.” The Vice President was delivering the Inaugural Address at the CII Partnership Summit organised by Confederation of Indian Industry (CII) in association with the Ministry of Commerce and Industry, Government of India, and the Government of Maharashtra.
 
He stated that farmers should be encouraged to diversify into allied activities like poultry, horticulture and fishing to ensure sustainable livelihood  and to make agriculture profitable and sustainable. With population increasing, India cannot sustain on imported food security. Only a well nourished and healthy nation can be a wealthy nation, Naidu said, while adding “With value addition, the Indian food processing industry and horticulture have immense scope for expanding footprint.”
 
Emphasising that innovations need not be complex and ground breaking, Naidu said, “They should be capable of addressing the everyday problems of the common man. Science and technology should ultimately result in the betterment of human condition.”
 
Naidu exuded hope that the policy initiatives taken by the government such as Make in India, Skill India, Digital India, Smart Cities and others and measures such as Start-up India and Stand-up India would take the Indian economy to $5 trillion size, soon.
 
The Vice President exhorted the private sector to step up its skilling programmes to enable youth to stand on their feet and urged them to be equal opportunity employers and to not practice discrimination against women in any form or any level.
 
Suresh Prabhu, Union Minister of Commerce and Industry and Civil Aviation, said that a national industrial policy, aimed to develop global value chains, and to boost India’s manufacturing competitiveness, is awaiting Cabinet approval. Stressing  the need for Indian industry tapping global supply chains, Prabhu said, “Manufacturing  cannot happen end to end only in one geography, and it has to be part of a global value chain and global supply chain. That is why we are discussing a new industrial policy which is awaiting Cabinet approval, focusing on how to develop mutually beneficial value chain and supply chains.”
 
India is planning to increase the Manufacturing GDP to $1 trillion (tn) as part of taking its GDP (Gross Domestic Product) to $5 trillion by 2025 and  to $10 trillion by 2030.
 
At a time when global economy is slowing down and India continues to remain a growth spot, “it should be our cooperative endeavour to make world economy grow, for which partnerships and mutually rewarding relationships are a must,” Prabhu added.
 
Kim Hyun Chong, Minister of Trade of South Korea, said, “I believe that India possesses numerous strengths that differentiates it from other countries, and we are working towards increasing  interactions, bilateral trade and other relationships going forward.”
 
According to Sultan bin Saeed Al Mansoori, UAE Minister of Economy, “The UAE has great respect for India and its vibrant economy. In fact, India’s role as a key global economic player is well known, and its progressive policies, growing job opportunities, technological prowess, dynamic stock market, structural reforms such as Goods and Services Tax (GST) and ease of doing business have all helped prepare a solid foundation for India’s growth.”
 
“The FDI inflow is gradually growing in India, one of the reasons for this is the  increasing number of startups in  the country. This is one of the reasons that the investors will be attracted towards investing in India”, said Ramesh Abhishek, Secetary, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry
 
“Access to data and information is an important factor in technology and India is doing amazingly great. India holds a leading position in the case of technology” said Francis Gurry, Director General, WIPO.
 
According to Vikram Kirloskar, Vice President, CII, “It is important that there are opportunities for more economic entities to participate in the global value trade including small and medium enterprises.” Kirloskar also discussed how India is the ideal partner to deal with domestic and international challenges in the world today. He said that more and more multinational corporations look to India as a stable and economically sound environment. Moreover,  India is known to be eager about building its overseas footprint in terms of trade, investment, and collaborative geostrategy.

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