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'Competitive edge must for survival in WTO regime'

Confederation of Indian Industry on Tuesday said that competitiveness together with infrastructure development and second-generation reforms at the national and state levels are the keys to making the country and the industry truly global.

"In the WTO regime Indian industry can grow and survive only through competitiveness. In the northern region there is a need to focus on competitiveness," CII Haryana State Council and Executive Director Adesh Gupta said in Chandigarh.

He said that the CII has proposed a core group with the Reserve Bank of India to resolve finance related issues of the small scale industry and recommended setting up of more specialised SSI branches.

He said that the chamber has recommended reduction of cost of credit in view of post WTO competition, simplification of procedures, monitoring of credit flows to SSI by the RBI and effective implementation of credit guarantee fund trust scheme through banks to face the competition.

Gupta said that removal of quantitative restrictions, cheap imports and IT revolution are the few areas that can assist the SSIs to meet the challenges of globalisation.

He said that the CII is of the opinion that rapid growth in exports and agri-processing sectors of the economy can help in generating employment and overall growth and development of the state.

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