Page 56 - ELT_15th June 2020_VOL 372_Part 6th

A210 EXCISE LAW TIMES [ Vol. 372

Industry Ministry will have to take a view on this before sending it to the finmin.
However, domestic leather product manufacturers are opposing the proposal.
[Source : The Economic Times, New Delhi, dated 8-6-2020]
Experts want steps to build globally competitive India
Last week, Prime Minister Narendra Modi outlined his vision for Atma-
nirbhar Bharat (self-reliant India) while addressing the top businessmen at the
annual session of the Confederation of Indian Industry (CII). From a gist of the
deliberations that followed, it is far from clear whether any of them bought that
vision.
The call for self-reliant India conveys reducing our dependence on others
for goods, services, or even investment. However, the PM said the concept of
Atmanirbhar Bharat rested on intent, inclusion, investment, infrastructure, and
innovation. He talked of boosting the ‘Make in India - Make for the World’ cam-
paign, but also said there were several sectors such as air conditioners and mo-
bile phones where we could manufacture in India and reduce dependence on
imports.
In the deliberations that followed, the heads of large businesses empha-
sised the need to increase productivity, build world-class infrastructure, invest in
science, digitalisation, brand building and innovation, strengthen institutions,
and bridge the gap between policy articulation and implementation.
Prominent economists advocated the need for restoring jobs and provid-
ing income support to the needy along with substantial infrastructure spending
for reviving demand and a sustained recovery of the Indian economy. One of
them said India should become more export-oriented and take advantage of
revival of major economies and world trade. Another said India has the potential
to become a world-class exporter, provided it is able to develop products without
subsidies and meet domestic demand for everyone in the country, in a competi-
tive manner. In short, the dominant underlying theme was to find ways for India
to become globally competitive.
The former head of NITI Aayog, Arvind Panagariya, said the COVID-19
crisis sweeping the world is unlikely to affect the process of globalisation. He
wanted India to open up further and re-visit the recent hikes in import tariffs and
reduce them. India must stay engaged with RCEP (Regional Co-operation and
Economic Partnership), a proposed free-trade agreement in the Indo-Pacific re-
gion between the ten member states of the Association of SouthEast Asian Na-
tions (ASEAN) plus Australia, China, Japan, New Zealand and South Korea) and
take the negotiations to a logical conclusion with a view to not only enhance
trade but also bring in the much-needed investment into the country. Other pan-
elists, including a globally respected economist and chief of a leading business
group, echoed similar views. Many other renowned speakers advocated regional
cooperation as key to building a collaborative and prosperous future.
Union Minister Nitin Gadkari talked about encouraging small businesses
to invest in technology and meet global quality standards, improving opportuni-
ties for export, integration with global value chains and supplies to some of the
global giants that India is trying to woo.
In a separate interaction with EY India, Former Chief Economic Advisor
to the Government, Arvind Subramanian, said unless India’s exports grow at 15
per cent, we won’t get 8 per cent growth and for that, we should reverse some of
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