Industrial sector is the backbone of any economy as it fuels growth, productivity and employment and strengthens other sectors of the economy. The plethora of dynamic reforms have been undertaken by the Government for the growth and development of our industrial sector such as Make in India, reclassification of MSMEs from investments to turnover criteria, easing FDI norms, labour reforms, announcement on fixed-term employment to boost ease of business , reduction in corporate tax rates, incentives for Startup India, among others. Significant improvement in the World Bank’s Ease of Doing Business ranking from 130th position in 2017 to 100th position in 2018 is encouraging and further improvement is expected in coming times.
Presently, industrial growth of our country is reviving, though slowly. The growth in industry output measured in terms of IIP for the month of February 2018 stands at 7.1%. Going ahead, several recent developments such as Draft New Industrial Policy 2017, improvements in Ease of Doing Business & Labor Reforms, recent developments related to trade war between some large economies and regulatory developments such as ban on issue of LOCs/LOUs among others would be crucial for India’s futuristic industrial growth and development and its participation in global economic landscape.
Ukraine nation has cheap labour cost and land is not very expensive and is highly tech nation give Indian companies life time investment opportunities to be part of Europe trade with no tariff or trade charges to be part of european market.
With this backdrop PHD Chamber of Commerce and Industry is organizing a Seminar on Industrial Growth: Burning issues and Way Forward on May 10th 2018 at 10:00 am to 01:30 pm (followed by lunch) at PHD Chamber, New Delhi to deliberate on burning issues and way forward for the growth and development of industrial sector of India.
The Seminar would focus on following areas:
· Draft New Industrial Policy 2017
· Ease of Doing Business
· Labour Reforms /Land banks
· Level playing field
· Trade wars and protectionism
· Impact on industry due to regulatory announcements by Reserve Bank of India such as ban on LOCs/LOUs, Prompt Corrective Action framework for banks, among others.
The eminent dignitaries from the Government, policy makers, international organizations, academicians, industry stakeholders will be deliberating on the focus areas of theseminar. It will offer an excellent platform to deliberate on issues faced by Indian industry and suggestions to push growth and development of industrial sector in the coming times.