Re-engineer regulatory regime
India’s FDI policy is good, but the last mile connectivity needs to be improved, said Vijay Gokhale, Former Foreign Secretary.
“It is a golden opportunity for India to address this issue,” he said at the FICCI-KAS webinar on ‘Geo-political & Economic Impact of Covid-19: Emerging Challenges & Opportunities and Way Forward for India’ on 28 May 2020.
Also, India needs to position itself strategically with the US and China. “It is an opportunity for India to leverage its relationship with the US and China for economic benefit of the country,” said Gokhale.
Ajay Shankar, Former Secretary, DIPP, wants India to re-engineer its regulatory regime providing greater predictability and certainty to the system.
India needs to re-strategize its policies and think of nuanced policy instruments so that when normalcy returns, the country can grow at full potential.
He stressed that India should look at investment-led growth and green economy.
No country is self-sufficient, and trade will have to continue, but there is a need to look at the efficiency of global value chain and reduce the cost of production, added Subhash Chandra Garg, Former Secretary (Economic Affairs).
Addressing FICCI-KAS webinar on ‘Geo-political & Economic Impact of Covid-19: Emerging Challenges & Opportunities and Way Forward for India’, Garg said that Indian economy has suffered heavy losses due to the pandemic.
The government should consider unlocking the lockdown by the end of June to relatively lower economic losses, he added.
Many countries having realized their large dependence on China-driven supply chains are looking at alternates, Sidharth Birla, FICCI’s Past President, pointed out.
“India is urging global players to look at India as a future alternative supply base.”
“It is almost certain we will see significant change in international relations, which is bound to impact India in more ways than one.
“It is critical for India to comprehend the essence of these changes and how global balances may change, plan how it should safeguard itself, and design suitable strategies to capitalize on emerging opportunities,” said Birla.
Peter Rimmele, Konrad Adenauer Stiftung (KAS) Resident Representative to India, gave a clarion call for closer partnership between India and Europe and urged India to unite with Germany over commonalities between the two countries. fiinews.com
