Improve regulatory, infrastructure environment: India Inc urges govt

Written by ENS Economic Bureau | New Delhi | Updated: Sep 26 2014, 15:51pm hrs
India IncRegulatory and infrastructure environment was crucial to enhance competitiveness of Indian manufacturing, said Industrialists during launch of 'Make In India' campaign. (PTI)
While India Inc was effusive in its praise of Prime Minister Narendra Modis Make in India campaign, with Reliance Industries chairman Mukesh Ambani promising to create 1.25 lakh jobs over the next 12-15 months and ITC chairman YC Deveshwar stating that his next investment destination is Madhya Pradesh where labour law restrictions have been relaxed, industry chiefs, however, underpinned the need for the government to improve its regulatory and infrastructure environment.

This, they said, was crucial to enhance competitiveness of Indian manufacturing.

We have exports of over Rs 2,75,000 crore to over 140 countries and our investments of over Rs 1,80,000 crore are coming into fruition in the next 12-15 months. We would be creating be over 1,25,000 jobs in India in the next 12-15 months, Ambani said on Thursday while speaking at the launch of the Make in India programme. Ambani and eight other corporate chiefs spoke at the event. Stressing that the world must look at India as being globally competent, he said that in order to succeed in the Make in India movement it is important to be open to capital and expertise from all over the globe. Further, the governments recent initiative on the goods and services tax (GST) will strengthen India into one national market, he added.

Announcing that the Tata Group is fully committed to investing in the country, Tata Sons chairman Cyrus Mistry listed out issues that the government must address to make India a global manufacturing destination. Hygiene factors such as critical infrastructure, stable policies transparent tax, e-governance, cost effective and reliable energy solutions must be looked into, he said. He also stressed that while India has advantages of human capital and a market that allows for depth and scale, the government needs to improve skilling of youth, reform labour laws and have a long term vision for its plans. The Make in India programme, launched by Prime Minister on Thursday at Vigyan Bhawan, was attended by a large number of industry captains including Wipro chairman Azim Premji, Aditya Birla Group chairman Kumar Mangalam Birla, Maruti Suzuki MD & CEO Kenichi Ayukawa and Lockheed Martin India CEO Phil Shaw. Pointing out that doing business in India can often be difficult, Ayukawa expressed hope that the Gujarat model would be taken up across the country. We have experience of the way the Gujarat government functioned when the PM was CM and we hope it will now be done across the country, he said. Pledging support to the programme, Franz Hauber, executive director, Bosch India, said that infrastructure continues to be a key issue in the country for investors. The government can further improve the ease of doing business through quicker single window clearance, he said, adding that recent labour law reforms are a positive move.