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8:51 am - Wednesday January 24, 2018

Transport costs being halved to make businesses competitive: DIPP Secretary

Agencies, New Delhi

Ramesh Abhishek, Secretary, Department of Industrial Policy & Promotion (DIPP) today said railways, highways, waterways and ports are being developed to halve the cost of logistics to pave the way for competitive business.

Addressing the ‘India-Italy CEOs Roundtable’ on ‘Revitalising the Economic Connect’ organized by FICCI, Ministry of External Affairs and CII, Mr Abhishek said that Government is working proactively towards creating infrastructure and clearing bottlenecks issues to create a conducive environment for business.

Mr Abhishek said that the liberalised FDI policy and roll out of GST were some of the bold steps undertaken by the government to facilitate investors. He said states had a critical role to play in facilitating and creating ease of doing business in the country.

India was working in partnership with the World Bank to rank Indian states on the parameters of ease of doing business. He added that this initiative has made states engage in healthy competition.

Pankaj Patel, President, FICCI & Chairman, Zydus Cadila, proposed institutionalising a CEOs Roundtable with Italy that would meet regularly or on the sidelines of the Joint Commission meetings to cross-pollinate India-Italy trade and investment relations.

The rising quantum of Indian investments reaching Italian shores was a key barometer to gauge business sentiments of Indian industry. He added that support from the Governments of India and Italy would give business the required impetus.

Highlighting the keys areas of cooperation between India and Italy, Mr Patel said some of the potential sectors were Make in India, Digital India, Skill India and Start up India and Smart Cities; technical cooperation; machinery, auto components; Renewable Energy; ICT; infrastructure development and engineering; financial sector cooperation; pharma and biotech especially joint R&D; creativity, design & luxury; media and entertainment; SME cooperation; establishment of a Task Force for Skills sharing and tourism.

Speaking on ‘India-Italy Trade and Investment Relations’, Michele Scannavini, President, Italian Trade Agency, said that the roundtable was an excellent opportunity to further deepen and strengthen the ties between Italy and India to explore joint ventures and partnerships.

He added that ‘Make in India’ was a significant step towards boosting the manufacturing sector of India and Italy was uniquely positioned to partner with India.

Posted in: Business

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