Business Daily from THE HINDU group of publications
Friday, Jul 21, 2006

Cross Currency

Group Sites

Industry & Economy - Human Resources
States - West Bengal
CII moots skills development bank

Our Bureau

Favours gradual entry of FDI in retail

Kolkata , July 20

The Confederation of Indian Industry (CII) has suggested the setting up of a skills development bank based on the venture capital model to ensure that skills are bankable and institutional funding is made available for skills training. This would be imperative since CII was apprehensive of a shortage of appropriate skills not just in the IT sector but also in manufacturing.

Speaking to newspersons here after members of CII discussed key premises and limiting factors aimed at achieving an industrial growth of 12 per cent, Mr R. Seshasayee, President, CII, said that for manufacturing to achieve a growth of 12 per cent, it would be imperative to ensure that services and agriculture grow at 12 per cent and 4 per cent-plus, respectively.

The proposed roadmap aimed at facilitating a 12 per cent growth in industry has been submitted to the Union Ministry of Finance.

Limiting factors

According to him, several factors were likely to emerge as limiting factors impacting the targeted 12 per cent growth in industry. In this regard, he suggested the deregulation of the energy and mining sectors, reform of labour laws to permit use of contract labour, especially for core seasonal activities, deregulation of the SSI sector in a phased manner and public investments in infrastructure, including logistics infrastructure.

Mr Seshasayee suggested a rationalisation of the indirect tax structure to a value-added GST of 15 per cent. He also pitched for a supportive policy for the food sector and called for a deregulation of organised retail where FDI could be allowed in a "phased manner".

Policy on minerals

On the issue of the need for a national policy on minerals, he said CII recognised that some minerals were critical to States that could use them as a "commercial lever". More deliberation was needed on whether the use of such minerals should be confined to the States that own them or for the nation as a whole.

Major issue

Stating that land acquisition for industrial purposes was a major national issue, he said in this regard that there was a need to balance the needs of industry and the farming community.

Earlier, Mr Seshasayee met the West Bengal Chief Minister, Mr Buddhadeb Bhattacharjee, and discussed issues pertaining to investments in the State's infrastructure, heavy industry and agro-processing sectors, among others. CII has agreed to work with the State Government on areas such as skills development and channelising FDI for upgradation of technology in select areas, he said.

More Stories on : Human Resources | Industry Associations | West Bengal

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
The Hindu Opportunities Fair at Coimbatore

Contingency plan to tackle scanty rainfall
Manufacturing initiative on the anvil
WTO and eco-friendly trade
Russian vessel unloads record quantity of DAP at Kandla
Board of Trade nominee
`High HIV/AIDS rate may affect economic growth'
ONGC mulls competitive financial packages for key staff
Crude output rises in June
Nuclear major Areva calls India `first priority' market
Govt targets 15,000 MW hydel capacity
`India will be world champions in fast breeder reactors'
Taxing Ministry
Duty cut on textile intermediates
Govt to make standards for tyres mandatory
Ex-gratia to CBEC staff killed in blasts
MBA admissions
Tata Motors offers CNG options for Indica, Indigo
Pegasus Realty plans Rs 400-cr housing project in Chennai
New Skyline SFS project
HUDA plot fetches record rates
Nasscom plans 3 more cyber labs
Duty drawback rate hike too small: AEPC
AEPC plans road shows in EU, Japan
Hoist by its own petard?
CII moots skills development bank
Waiting for soundbyte
India needs more risk-takers: PM
Income-Tax staff to stage walkout on July 31
Sectoral export target meeting advanced to July 27
Millers yet to firm up wheat import deals
`Sugar export ban can't be indefinite'
Hyderabad's digital map launched
Rajasthan Govt's `Adopt a monument' scheme finds takers
Delhi court rejects ex-MP's plea to go abroad

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line