Niti Aayog CEO says Indian companies must become globally competitive
Amitabh Kant, CEO, Niti Aayog urged Indian companies to become globally competitive instead of promoting protectionism and complaining about imports via Free Trade Agreements (FTAs).
Amitabh Kant, CEO, Niti Aayog urged Indian companies to become globally competitive instead of promoting protectionism and complaining about imports via Free Trade Agreements (FTAs). He said firms should stop promoting protectionism and complaining about imports via FTAs as he delivered the keynote address at a virtual session by the BIF on ‘Atmanirbharta in Telecom Manufacturing.’ He suggested that it was the right time for Indian firms to start penetrating the global supply chains.
He added that FTAs are a give and take relationship. Indian firms should do manufacturing to bring size and scale then become globally competitive to penetrate global markets. Delivering the keynote address at a virtual session organised by the Broadband India Forum (BIF) on ‘Atmanirbharta in Telecom Manufacturing’, he added that compared to domestic markets, companies can get five times the value in global markets, thus providing a huge opportunity for exports.
He recommended that manufacturing companies leverage the benefits of the production-linked incentive (PLI) scheme and establish their component ecosystem in India.
The head of India’s policy-making body said India has over 1.2 billion wireless connections and is the second-largest telecommunications market in the world. It is also the fastest-growing broadband market with almost 747 million broadband users.
The country was importing more than Rs 500 billion of telecom equipment. He mentioned that if India does not start manufacturing, the telecom sector will end up having more imports in the next five years than the petroleum sector.
Source – ET Telecom