Business Daily from THE HINDU group of publications
Tuesday, Feb 06, 2007
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Business Daily from THE HINDU group of publications Tuesday, Feb 06, 2007 ePaper |
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Anti-dumping Industry & Economy - Exports & Imports
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Speaking in the context of the manufacturing sector, at a World Bank conference on public private partnership in infrastructure, the Larsen and Toubro Chairman and Managing Director, Mr A.M. Naik, said that with the Chinese currency at artificial levels and Chinese firms getting equity from their Government at zero cost, the firms enjoy a cost advantage vis-à-vis their Indian counterparts. "In most of the contracts that the Chinese firms bag in India, domestic companies lag by a margin of 5-10 per cent," he said adding that Indian firms have to build in a 14-15 per cent cost of equity. "Till China floats its currency and abides by the WTO norms, the benefit of low or zero duties (on goods imported to India) should not accrue to Chinese firms," Mr Naik said. "By extending zero duties to Chinese firms, the Indian Government is not maintaining a level playing field and is in fact protecting the Chinese firms," he added.Earlier, Mr Naik said that L&T plans to set up a special group to look at railway projects.
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