Monetary prudence, ease of doing business can cushion oil shock, interest rate rise: CII President
Confederation of Indian Industry (CII) President R Mukundan has stated that diversifying trade partners, enhancing the ease of doing business, optimizing export frameworks, and maintaining monetary and fiscal prudence are key measures to protect Indian industry from high crude prices, technological changes, and interest rate risks.
Mukundan, who is also the MD and CEO of Tata Chemicals, emphasized that these efforts helped cushion the economic shock caused by the West Asia crisis, potentially preventing a more severe impact. He expressed confidence in India's ability to manage the economic situation despite rising inflation and high crude oil prices. Mukundan highlighted that accelerating the ease of doing business and digitizing data across various sectors could significantly reduce costs for industries and expedite capital-intensive investments.
He also stressed the importance of free trade agreements with complementary countries and urged industry associations to push for better utilization of tariff lines to maximize benefits.
Written by urgent.news from The Indian Express's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
