Financial Daily from THE HINDU group of publications
Friday, Apr 21, 2006
Industry & Economy
CII to create 100 new billion-dollar cos
THINKING BIG: Mr R. Seshasayee, President, CII, with Mr Sunil Mittal, Vice-President, CII (left), addressing a press conference in the Capital on Thursday. Kamal Narang
New Delhi , April 20
With the economy getting increasingly externalised, the CII was targeting to create 100 new billion-dollar companies over three years through mentoring Indian companies from the million-dollar club.
This would be achieved through the repositioning of the country from a low-cost manufacturer to creative and innovative product developer in order to capture a greater portion of the world trade. ``The next phase of competitiveness should be triggered by innovation. India needs to reposition from a low-cost manufacturer to a creative and innovative product developer to become the laboratory and design centre of the world,'' Mr R. Seshasayee, the new president of the Confederation of Indian Industry (CII) said, while speaking at his inaugural press meet today.
``India's share of world trade is still in decimals and was just 0.9 per cent in 2004. This reflects tremendous headroom for further growth,'' he added.
The CII President today outlined four missions on "manufacturing innovation", "knowledge and skills development", "inclusiveness" and "sustainability", which will be the key drivers of the central theme of "competitiveness for sustainable and inclusive growth".
Outlining the mission for manufacturing innovation, Mr Seshasayee said the high rates of growth registered so far have been based on competitiveness triggered largely by cost arbitrage.
"India should aim for a growth trajectory engineered by value arbitrage through innovation," he said. The mission for manufacturing innovation, chaired by Dr Surinder Kapur, CMD, Sona Koyo Steering Systems, aims to create 100 leader companies in Indian industry.
Manufacturing innovation would be complemented by a mission on knowledge and skills development, chaired by Mr Ashok Soota, CMD, MindTree Consulting, that would aim at leveraging e-learning\technology for skills building to promote knowledge-led manufacturing and services industries.
Brand India campaign
In conjunction with the agenda for furthering globalisation, Mr Seshasayee announced a campaign on "Brand India", chaired by Mr Nandan Nilekani, CEO, President and Managing Director, Infosys Technologies, to build salience for India in the next five years in partnership with Indian Brand Equity Foundation.
Mr Seshasayee also announced the initiation of an "integrity campaign", to be championed by the Infosys chief mentor, Mr N.R. Narayana Murthy.
The campaign will aim at improving probity in public life and combating corruption.
Speaking on projected economic growth, Mr Seshasayee said while industrial growth this fiscal was likely at 9.1 per cent, the services sector will grow at 9.9 per cent.
Agriculture was also forecast to pick up from last fiscal's level of 2.3 per cent and grow at three per cent. Overall growth of 8.3 per cent was expected this fiscal.
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