FICCI Current Affairs
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The India Manufacturing Barometer 2019 Report has been prepared by Federation of Indian Chamber of Commerce and Industry (FICCI) in association with PwC.
The report was prepared based on the survey of companies which contribute approximately 12 per cent to the manufacturing Gross Domestic Product (GDP) of the country from the automobiles, chemicals, electrical machinery, food processing, leather, pharmaceuticals and textiles sectors.
Findings of the Report
The important findings in the India Manufacturing Barometer 2019 are:
- India would witness faster growth in the next 12 months driven by expanding domestic market, technology and increased spending.
- Around 74 per cent of companies surveyed believes that the next 12 months will see faster growth in their sector.
- Around 58 per cent of those surveyed believes that their sector would grow faster by at least 5 per cent.
- India’s economy is projected to grow anywhere between 7.3 – 7.7 per cent and the domestic market would be a major demand driver for India.
- Business leaders also anticipate an increase in turnover from global demand in the future.
Business Groups have asked India to concentrate on improving at the logistics front. Logistics cost in India is about 15 per cent of the overall cost whereas the cost is less than 10 per cent in countries like Japan. The reduced logistics cost can be of great benefit to India.
The first India-ASEAN InnoTech Summit was held in New Delhi. It was organized by Federation of Indian Chambers of Commerce & Industry (FICCI) in association with Department of Science & Technology (DST) and Ministry of External Affairs.
Objectives of this summit were
- Explore avenues of cross country partnerships with Indian R&D-based enterprises.
- Capture global trends in technology management and strategy
- Advance progressive ideas for policy reforms and regulatory environment
- Create avenues for industry-academia-government partnerships
- Build capacities for market assessment and rapid commercialization of research
- Promote best practices in financing, strategy, and leadership
- Connect local and global research & development community for collaborative engagement
Participating ASEAN member countries in this summit were Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam. On sidelines of this summit, an exhibition to showcase best Indian Innovative Technologies, with potential implementation in ASEAN region was also organized. Besides this summit also provided platform for B2G meetings i.e. one to one meeting with ASEAN delegation of ministers, advisors, and other dignitaries.
Association of Southeast Asian Nations (ASEAN)
ASEAN is regional intergovernmental organisation comprising 10 Southeast Asian countries, which promotes intergovernmental cooperation and facilitates economic, political, security, military, educational, and sociocultural integration. 10-member ASEAN comprise of Indonesia, Malaysia, Thailand, Singapore, Philippines, Vietnam, Myanmar, Cambodia, Brunei and Laos. India is a full dialogue partner of the ASEAN.