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Published on 10/06/2021 2:06:55 PM | Source: Accord Fintech

India to lose huge opportunities if it keeps out of FTAs: Niti Aayog CEO

Posted in Economy News| #Economy #NITI Aayog #Amitabh Kant #CEO

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Niti Aayog CEO Amitabh Kant has said that India will lose huge opportunities if it keeps out of free trade agreements (FTAs) and Indian companies must have the courage to take on global competition instead of adopting a protectionist stance. He said the fear of being flooded by imports from FTA countries is not the correct approach.

Kant said ‘you first do manufacturing, bring size and scale, become globally competitive so that you can penetrate the global market. Problem is that Indian manufacturing companies spread protectionism.’ He noted that Indian companies must look at exports and use India as a hub for penetrating the global market.

Noting that massive reforms have been carried out by the government, Niti Aayog CEO said this is the right opportunity to penetrate the global value chain because they are moving away from one country and looking for alternative locations.  He asserted ‘And therefore, this is the opportunity for India and if we don't seize this opportunity now, then we will never be able to seize again.’