Financial Daily from THE HINDU group of publications
Monday, Dec 06, 2004
Financial Daily from THE HINDU group of publications Monday, Dec 06, 2004 |
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Industry & Economy
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Consumer Electronics CETMA urges Govt to tackle industry issues Our Bureau
New Delhi , Dec. 5 THE domestic consumer electronics industry has expressed concern over the policy measures affecting the competitiveness of the industry. Speaking at the silver jubilee function of the Consumer Electronics and TV Manufacturers Association (CETMA) here, its President, Mr R.P. Khaitan, said, "Now that we have set the process of rapid integration of the Indian economy with the ASEAN economies, it is imperative that the necessary external and internal reforms should be pursued with urgency. "This has become imperative as India has signed ITA-1 Agreement under WTO and the FTA with Thailand, agreeing to nil customs duty regime for the electronic hardware sector by 2005-06. The Government was to implement a policy framework well in advance not only to protect the existing investment, but also to attract further investment in this area." This, Mr Khaitan pointed out, has not happened and, as a result, companies such as Sony have closed their units in India and are sourcing their products from Thailand. He said that the electronics hardware sector holds much potential for growth in a positive environment. As per estimates by Ernst & Young, the present electronic hardware demand in India is about $16 billion, whereas the production is only $8 billion and the balance is met through imports. According to CETMA, with the right policy framework, there is scope for massive domestic and foreign investment to attain a production value of $62 billion, creating an employment potential of 50 lakh jobs. "If we are not able to achieve this, India would have again missed an opportunity and would meet this demand through imports, thereby creating jobs in other countries," Mr Khaitan said. Award: Meanwhile, Mr Gulu Mirchandani, Chairman of Mirc Electronics Ltd, was conferred the `Man of Electronics' award at the CETMA function. The Leader of the Opposition in the Lok Sabha, Mr L. K. Advani, presented the award.
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