CII pitches for common Indian market
With various entry barriers hurting efficiency and even VAT not being uniform across states, industry body CII today pitched for the common Indian market for faster movement of goods in the country.
By PTI |
NEW DELHI: With various entry barriers hurting efficiency and even VAT not being uniform across states, industry body CII today pitched for the common Indian market for faster movement of goods in the country.
At a panel discussion here, the chamber said such a common market may be called Indian Economic Council.
"We keep looking outside with our thrust on import and export reforms but internally we face so many problems in form of entry barriers between various states. Therefore, to have an Indian Economic Council is very vital," CII National Council on Manufacturing Chairman Surinder Kapur said.
He added the country has been signing free trade agreements with many countries like Thailand, but the country presently needs to have such agreements with states to minimise enrty barriers.
Referring to rising steel prices and the unrest prevailing among the consumers, he said India should emulate the example of Japan. He added that steel manufacturers should hold the prices for some time so as to bring some stability and predictability for consumers of steel.
Making a case for various reforms, he said the government needs to relook at various laws related to boilers and mining along with reforms in sectors like labour, land acquisition and other financial reforms like in the banking sector, pension reforms among others.
He said taxes like minimum alternative tax and dividend distribution tax should be reviewed in the light of growing turbulence in the economy. With growing inflation and global slowdown, it has become difficult for the corporates to maintain the bottomline.
On the occasion, Secretary, department of heavy industry, S N Dash said decline in the contribution of manufacturing sector and capital goods in the total industrial output is a cause of concern but the government is analysing the policies which need improvement.
At a panel discussion here, the chamber said such a common market may be called Indian Economic Council.
"We keep looking outside with our thrust on import and export reforms but internally we face so many problems in form of entry barriers between various states. Therefore, to have an Indian Economic Council is very vital," CII National Council on Manufacturing Chairman Surinder Kapur said.
He added the country has been signing free trade agreements with many countries like Thailand, but the country presently needs to have such agreements with states to minimise enrty barriers.
Referring to rising steel prices and the unrest prevailing among the consumers, he said India should emulate the example of Japan. He added that steel manufacturers should hold the prices for some time so as to bring some stability and predictability for consumers of steel.
Making a case for various reforms, he said the government needs to relook at various laws related to boilers and mining along with reforms in sectors like labour, land acquisition and other financial reforms like in the banking sector, pension reforms among others.
ADVERTISEMENT
He said taxes like minimum alternative tax and dividend distribution tax should be reviewed in the light of growing turbulence in the economy. With growing inflation and global slowdown, it has become difficult for the corporates to maintain the bottomline.
On the occasion, Secretary, department of heavy industry, S N Dash said decline in the contribution of manufacturing sector and capital goods in the total industrial output is a cause of concern but the government is analysing the policies which need improvement.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
