A comprehensive set of reforms that enhance export competitiveness, enhance ease of doing business and lower costs for industry are needed for the growth of manufacturing sector, said Confederation of Indian Industry (CII) representatives at a meeting with the Union Minister of State for Commerce and Industry (Independent Charge), Nirmala Sitharaman today.
A 15-member delegation led by Venu Srinivasan, former president of CII and Chairman and Managing Director, TVS Motor Company, pushed for implementation of Goods and Services Tax (GST) as industries are suffering from input tax credit; and resolving issues relating to the southern gas grid and the differences between states on implementing the Chennai – Bangalore industrial corridor.
Export incentives have to be considered as Tamil Nadu is a net exporter. Special incentives and development frameworks are needed for the development of the southern districts of Tamil Nadu, the delegation said, according to a press release from CII.
The CII also expressed concern on the anomaly in duty structure which made domestic products costlier than imported products. High cost of power and shortage handicapped the domestic industry. Farm mechanisation has to be supported through funding schemes.
The members also sought budgetary support for skill development initiatives.
The CII assured it would work closely with the government on FTAs, SEZ policy and implementation of GST.