CEA Nageswaran calls on industry to reciprocate deregulation efforts
economic adviser V Anantha Nageswaran on Saturday called on the industry to reciprocate the government's deregulation bid with concrete action on improving the quality of products and earning consumer trust, stressing that «it takes two to strike a bargain for society to advance.»
«It's one thing to ask the government to deregulate to simplify rules and decriminalise rules; but it's another thing to reciprocate that action with trust and better quality as well,» the CEA said at a Confederation of Indian Industry event.
Flagging reports of Indian automobiles failing safety standards, and of misleading labelling on food products, he said the industry has to make a compact with society as well.
«Corporate social responsibility is not separate from corporate responsibility to the consumer,» he said.
Amid a raging global debate on decoupling from China, the CEA quoted economist Richard Baldwin to suggest it is much easier said than done, given that all major manufacturers in the world source at least 2% of their industrial inputs from the country. China also dominates the processing of key minerals, rare earths and other raw inputs needed for energy transition, he said.
Against such a backdrop, he said, India is forging free trade agreements, among other steps, to reduce its import dependence on any particular nation.
AI & Other Challenges
Nageswaran also highlighted the key role the private sector needs to play in enabling India to navigate global turmoil more effectively.
He stressed the need to prepare the
