The Modi-led Government must revisit free trade agreements (FTAs) entered into earlier as some of them are adversely impacting the domestic industry's interests, Alok B Shriram, PHDCCI President, has said.

There is a need to go back to the FTAs and see how they could be finetuned to meet the needs of the domestic industry, Shriram said at a press conference in the Capital.

"Government needs to be much more interactive and open with industry. Quite often we have to bear the brunt of the final agreement that is arrived at," Shriram said.

There is a gap (between the Government and domestic industry) that needs to be closed, he added.

Later, Shriram noted that foreign governments — when they visit India for bilateral trade talks — are often accompanied by captains of industry and big decisions are taken by them taking the industry into confidence.

"Our Government should also do that whenever an official delegation goes abroad to sign FTAs".

Citing the instance of the trade agreement with Thailand, Shriram noted that domestic automotive component manufacturers are facing the heat on account of this agreement.

PHDCCI is also keen that the corporate tax rate is reduced to 25 per cent from 33 per cent in the upcoming Budget.

The chamber has also called for a cut in the minimum alternate tax rate to 10 per cent from 18.5 per cent now.

srivats.kr@thehindu.co.in

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