Addressing the 41st Joint Meeting of the India-Japan Business Cooperation Committee, Ramesh Abhishek, Secretary, Department of Industrial Policy and Promotion said the 'Make in India' programme launched by the Indian government has prompted competition among the States who work to improve ease of doing business and attract investments.
Abhishek said 16 states had scored over 80 per cent in the World Bank-DIPP ranking of States based on 340 parameters on 'Ease of Doing Business'. "We are trying to address specific policy issues that would hasten the pace of reforms and remain determined on taking up issues in areas such as infrastructure and taxation to improve the manufacturing competitiveness in States," he said. He said that the landmark Goods & Services Tax which will be put into practice from April 2017, would create a level-playing field for manufacturers in States. The secretary added that the GST would speed up the movement of goods, there will be greater predictability in assured transportation that will bring down the cost of holding inventories.
Meanwhile, FICCI has decided to open a 'FICCI India Plus' office in Japan, which is set to launch soon. The office will supposedly help grow interest of Japanese companies in doing business in India, and vice versa. Amitabh Kant, CEO, NITI Aayog urged Japanese companies to rapidly move into the Indian market as the process of infrastructure creation and reforms will throw up ample opportunities for investment. He said they must learn from Maruti's India pitch which ushered in a culture of manufacturing excellence to India, adding that in the the governance structure in India today, there is consistency, clarity, and predictability of policy. Kant said the India story for Japanese companies has just begun and while they remain over-exposed in China, their future lies in India.
JIBCC Chairman, and CEO/President of Mitsui & Co. Ltd., Masami Iijima said that both the countries involved have called for a special strategic global partnership. He said there was an overall improvement in the business environment in India, and the passage of the GST Bill in the Parliament holds out great hope for making the business environment more friendly. Rohit Relan, Co-CHairman, IJBCC and MD, Bharat Seats Limited, said, "I hope Japanese businesses will take a closer look at these avenues for enhancing their activites and presence in India. I believe the way forward is to break new grounds of cooperation by exploring complemantarities in our economic strengths and plan investments accordingly."
