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Business EconomyPosted at: Jan 13 2016 7:59PM


Manufacturing needs more attention says Nirmala Sitaraman

Chennai, Jan 13(UNI) Union minister of state for commerce and industry Nirmala Sitaraman today said more attention has to be given to manufacturing. Relying on month on month comparison without considering aspects related to it was a bit of risk though, she said talking to newspersons. She was responding to a question on drop in industrial output reported in the Index of Industrial Production (IIP) released by the Central Statistics Office. MS Sitaraman, who was here to participate in -CLMV Business Conclave on "India-CLMV Economic Integration: Developing Regional Value Chains", organised by the Department of Commerce, Ministry of Commerce and Industry, along with Confederation of Indian Industry (CII), said, "Comparing month by month data itself was bit of a risk as there were several aspects to it. "There are months where you have less number of working days and there are months in which you have several festivals, months where there are difficulties related to matters coming on", she said.. "When you look at month-by-month comparison, we have to give ourselves big margin to understand the situation and then go ahead", she added.. "we have given the Make in India emphasis, we have to spend a lot of time and make sure that industrial production keeps up with the rest of the country's expectation. While agriculture, in spite of its challenges, and also services are keeping pace, we need to have give a lot more attention to manufacturing," she said. According to reports, the index says the industry output in November declined by 3.19 per cent, mainly due to a drop in manufacturing activity. Commenting on the drop in oil prices, she said that on the one hand it was a blessing that the crude prices are falling. However, a large component of what India exports was value added oil products. It is to be noted that while the Indian export quantum has not fallen, because of the price fall, the value of what the country realise through exports have come down, she added. Speaking about the e-commerce industry, she said the sector is getting complex as many brick and mortar companies have started moving to have online presence, while pure e-commerce market places are holding stocks, inventories and also trying to operate logistics. The line between brick and mortar retailers and e-commerce firms are getting thin. However, there is a difference between e-commerce firms supported by foreign investors, which has deep pocket, as against e-commerce firms which are pure Indian investments and do not have the luxury of that kind of un-ending resources. "So the debate has become a lot more complex and not about FDI and multi brand retailing in e-commerce and brick and mortar. It is now becoming what a retail is, who is expanding the terrain which have been exclusively with somebody else. It is a complex issue,"she said, adding that the Department of Industrial Policy and Promition's (DIPP's) efforts to define market place has not been dropped and might happen sometime", she said.. The industry and government are seized to the matter of devaluation in Chinese Yuan and where there is a possibility for the country to establish that there are cheap goods dumped to India, it is able to bring out the anti dumping duties, safe guard mechanisms are also being brought in."We are ensuring indiscriminate imports don't happen and therefore we are ensuring duties are raised that which we have facilities for even if means that we have to touch the bound rates as given by the WTO understanding, customs duties can be increased. Obviously they have to be not off the cuff. It has to be substantiated with good number of ground factual information which the industry should keep,"she said.
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