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Friday, September 18, 2020

Industry should leverage strong anti-China sentiment, says AM Naik

“To leverage these trends and harness them for productive purposes, we need to move beyond knee-jerk responses and draw up a long-term strategy with a time-bound plan for implementation,” Naik said.

By: ENS Economic Bureau | Mumbai | Updated: August 14, 2020 2:17:46 am
“To leverage these trends and harness them for productive purposes, we need to move beyond knee-jerk responses and draw up a long-term strategy with a time-bound plan for implementation,” Naik said. (File)

Larsen & Toubro Chairman AM Naik has said “the strong anti-China sentiment” within India and around the world is a possible “game changer” for the domestic industry and called for leveraging this trend and harnessing them for productive purposes.

“To leverage these trends and harness them for productive purposes, we need to move beyond knee-jerk responses and draw up a long-term strategy with a time-bound plan for implementation,” Naik said. Addressing the AGM of L&T, Naik said it is essential that an enabling eco-system for growth is created. “Reforms are urgently needed in many sectors including land acquisition and labour.” The financial system is also in urgent need of attention. In tandem, the administration would do well to streamline processes and accelerate the pace of decision making, Naik said.

“The government and the country are fighting challenges on multiple fronts. The government is battling a global pandemic while simultaneously trying to re-build and revive the economy. Further, India faces an unexpected challenge as the result of friction on our northern borders,” Naik said.

On Atmanirbhar Bharat, Naik said, “aatmanirbharta represents the logical next step to ‘Make in India’ for it encompasses the entire value chain of design, procurement, manufacture and delivery. This is an opportune moment for government and industry to act in unison and advance national interests.”

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