newsdog Facebook

Investment Guru Stocks Mutual Funds Commodity Currency World Market Expert Advice Free Tips Recommendation

Investment Guru India 2020-06-28 09:03:20

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel 

Download Telegram App before Joining the Channel

Industry body Ficci has suggested to the Centre that it set up a single compliance window to increase India Inc's efficiency.

In a letter to its members on the 'India-China stand-off and Industry Action Plan', Ficci President Sangita Reddy said the suggested portal is on the lines of single window for setting up of new companies.

"We anticipate that a significant reduction in non-value adding steps related to government interphase will be removed or simplified.

"We are suggesting a single window compliance portal for existing companies much on the lines of single window for setting up new companies," she said in the letter.

Without naming China, she suggested Ficci members should look at alternate sources of supply from other countries.

"This is very important to improve resilience of our industry and country. We should work collectively to encourage suppliers and buyers to develop alternate globally competitive supply chains in India," the letter said.

"Ficci on its part has developed strategy for 'Air Conditioners, Furniture, Textiles, Electronic components and Mobile Phones'. These are work in progress in the Government and announcements have been made."

Furthermore, she said that members should focus more on exports.

"If you are not exporting, pleases look at exporting 5 per cent of your production to begin with, and those who are already exporting, must aspire to double it," the letter said.

"Explore new markets, new products and services. We need to collectively work to increase exports to levels that helps India take its share in the global trade to 8-10 per cent."