INDIAN industry must meet global quality standards and adopt international values to compete in the world market, the heads of Indian missions to the EU, Belgium, Luxembourg and Australia said last Friday (3).
At a meeting in Chandigarh, north India last week, diplomats discussed best practice as a way to improve export levels.
“The European Union provides the biggest FDI (foreign direct investment) and FII in flow into India. To continue the advantage of trade relations with the EU and compete in world market, Indian firms must focus on meeting international quality standards,” Manjeev Singh Puri, ambassador of India to the EU, Belgium and Luxembourg, said.
“Indian companies must imbibe societal values of the EU like labour standards, human rights practices. Protectionist approach to business won’t serve us for long,” Puri said at a Confederation of Indian Industry (CII) event.
Twenty per cent of India’s exports to the EU is rice, he said, while urging companies to focus on improving the quality of rice (Basmati), vegetables and milk products, which are in high demand. Navdeep Singh Suri, the high commissioner of India to Australia, said of the 15 billion dollar worth two-way trade, Australia exports primary products worth 11 billion dollars while India exports manufactured products worth 4 billion dollar including pharma machines, auto-components.
“Australia is the world’s 12th largest economy and is service sector based. Skills development, vocational training, water management, conservation techniques, food processing and packaging are the sectors that Indian companies can leverage on in Australia,” Suri said.
India can look at Australian portfolio investments for large infrastructure projects, both greenfield and brownfield, Suri explained.