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FTAs to push exports due to lower costs: CEO panel

Aug 26, 2021
FTAs to push exports due to lower costs: CEO panel

According to a committee of Indian CEOs, India’s proposed free trade agreements (FTAs) could bring about a boost in the exports of textile and auto components.

The committee also suggested that there is a need to make sustainable efforts to reduce disabilities for domestic companies that include the cost of doing business, technology, quality issue, and market access via trade treaties. According to Pawan Goenka, Former M&M MD, The Steering Committee for Advancing Local Value-Add and Exports, the government should address issues related to power, land, and capital other than addressing scale which lowers cost disabilities.

The cost for the companies can be reduced and they can be made competitive in the global markets if the issues around infrastructure, labour flexibility, and logistics are taken care of along with strengthening of MSMEs.

Minister, Piyush Goyal, suggested that a great way to attract investment from multinationals is to push to the “China plus one strategy”. This will also place the country as an export hub. The minister also listed out the areas on which the government is already working.

The panel concluded that auto components could be the biggest gainer across markets including that of the USA, UK, and the EU. Also, the treaties with the UK, EU, US, South Asia, and Asia could also benefit the textile industry.

Source – The Times Of India

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