The Federation of Indian Chambers of Commerce and Industry (FICCI) president Sangita Reddy on Friday said the COVID-19 (coronavirus) outbreak in China presents an opportunity for India to push up the domestic manufacturing.
Noting that the outbreak and the consequent impact on supply chain has compounded the problem for Indian industry that already is grappling with the economic slowdown and substantial receivables, she sought to highlight how the current situation should not be allowed to bog down the sentiments further.
“This is an opportunity,” she said, suggesting certain modifications to enhance production. “There is a scenario where if a labour law could be slightly modified or a manufacturing process could be enhanced, a plant capacity could go up because China supply chain is constrained.
The Indian internal manufacturing can rise [by] as much as 3-5%,” she said, addressing members of the Federation of Telangana Chambers of Commerce and Industry (FTCCI) here.
“Let us search for opportunity in the middle of this environment and see what we can do for further growth,” she said.
Ms. Reddy said FICCI had given a series of suggestions and is working with government on how to accelerate growth. Highlighting the significance of creating more jobs, she invited suggestions from FTCCI members.
To a query on whether India is prepared to handle COVID-19, she said a lot is being done by the Indian government but is that adequate is a big question. “The scenario is uncertain, potentially scary and could implode at any point of time. The only thing I can say — please protect yourselves and your families. For now we must take as much precautions as we can… much is being done to contain it in the entry itself, so the airports, screening, quarantine.. all those mechanisms should be strictly followed.”
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