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You have completed one year at FICCI. This will be the second PBD that FICCI will be involved in since you joined. What are the value-adds you think that are being brought in to this
PBD?
PBD as you are all aware is the flagship event of the Ministry of Overseas Indian Affairs. It is already an established brand. It is no more an event, it is actually a continuous movement. It is a movement that basically connects and enhances the engagement of diaspora with India. That engagement has various parts to it—it can be political, social, economic, and, therefore, related to finance and investment. FICCI as an organization works at all levels internationally, including with diaspora bodies, and is, therefore, able to bring in that extra connect to the event. FICCI has good organizational capabilities—it organizes over 300 events each year. The PBD is one more event where we are able to showcase and bring forth the very best of FICCI in terms of organization skills, and to ensure that the event passes extremely smoothly. We did the Kochi event last year and it went very well.
Dr. A Didar Singh speaks at the Regional PBD at Toronto in the year 2011
The message to global investors is that India is an ongoing and important story. Despite the slowdown of the economy first at the global level, then at the Asian level and South Asian level, the India story remains very strong
Invest India, a partnership between FICCI and Government, is involved in the organization of the first Global Indian Business Conference. What is the message that can go out to Global Investors at this point …
The message to global investors is that India is an ongoing and important story. Despite the slowdown of the economy first at the global level, then at the Asian level and South Asian level, the India story remains very strong. And why does it remain strong?—firstly, we are one of the largest markets in the world, you cannot ignore a 1.2 billion strong market. Secondly, our fundamentals remain extremely strong as a country, our policies are in place and have been that way for several years. The opportunity, therefore, in this kind of a market is very high and as I say to investors, when you come in on the downswing your benefits during the upswing are that much higher.
What are those core sectors in India, according to you, that need plenty of collaboration for growth in India?
The most important requirement of India really is manufacturing. Yes we have done extremely well in the services sector in the last few years with IT leading the charge. But we have to become strong in the manufacturing sector because that is where the jobs will come from. Being the youngest nation in the world, with a huge population of youth and a requirement of providing almost 100 million jobs in the next 5-10 years, we must be able to bring in more manufacturing into the country. That is the sector that will provide the jobs. It is the most important sector where we need investment, where we need the upsurge. But to be able to have that upsurge, we need the infrastructure. We must be able to improve in that area. There is a huge opportunity in infrastructure, simply because there is so much of requirement. Also, we look at this potential for investment because of the ease of doing business in India. It is a very important feature which FICCI works at with several state Governments and Central Government.
What is the role of the SME sector in the growth process of the country?
SME sector for India is in many ways like the blood that flows through the veins of the economy. It is most important, it provides the most important connect, and is there for every part of the body, for every part of the economy. It is there from north to south, east to west. There are two parts to the SME story, the formal and informal sectors. Both are equally important, they are the ones that provide jobs and business at small and local levels. When the SME sector does well for the country, it enhances the productivity of the country as a whole. The single most important area where we need this to happen within the SME sector is the Exports Sector. It will enable the country to benefit from the downswing that is presently there, enable the country to address issues related to current account deficit and address the import-export balance issue.
Is FICCI getting involved in the exports sector?
FICCI has always been involved in the export sector. Incidentally, FICCI has just established the FICCI Confederation of Medium and Small Industries. For the first time we’ve decided that we should have such a body, given FICCI’s strong network and strong branding. We would leverage this confederation to promote the SME sector. Though we’ve had an SME cell for many years, here we’ve actually established a new organization that can be national in nature and is right up there at the highest level to bring in the best policy changes and services for the SME sector as a whole. This is a significant push that we at FICCI have given to the SME sector, and we hope that many will join it. And as that sector grows, the whole export base will grow. Also on the export front, FICCI’s various committees are at work in the services and goods areas and exports continue to remain a very important factor in them. Various committees are trying to improve productivity and competitiveness. The moment you improve competitiveness in your manufacturing and your services, you’ll have a better export market.
Historically, FICCI has contributed to the growth process by encouraging debate, articulating the private sector’s views and influencing policy. How do you plan to take these areas forward in 2014?
The greatest contribution that an organization like FICCI can make to the economy is really the platform that it offers. It is both a network and a platform. It is a place where you network to get more connectivity and engagement in different issues, whether it is manufacturing, services or any other aspect of it. And the second important aspect of that networking is that here is a high level platform. When you speak from that platform, your voice is heard. FICCI, with the kind of reputation it has at national and international levels, is a voice that is heard.
In that context it is an important feature of the work that we do and continue to do.
Also because we have been a strong organization for so many years with such strong international connect, we receive a lot of requests to engage with incoming delegations and VIPs that come from overseas. They also usually accompany heads of states. We also have infrastructure of our own, from a large auditorium, to a large number of conference rooms to breakout rooms. It is an obvious choice for organizations to interact with Indian Industry and overseas visitors.
Please take us through your expansion and growth in membership since your inception in 1927…
FICCI is one of the largest of the old organizations. It was established in 1927 at the behest of Mahatma Gandhi who appealed to Indian businesses and to Indian industry at that time to also support the freedom movement. That is the background of FICCI, we are always very close to the requirements of the nation and the economy in that sense. That has been our strong tradition. FICCI also has always been a federation. Other chambers and associations have joined FICCI, currently we’ve over 300 such chambers and federations as members and through them over a quarter million corporate and company memberships around the country. We have a direct membership of 1,700 of large corporates, and that really makes FICCI a very strong platform across states, and covering the country as a whole. That is one reason why our voice has been strong over many years. Also we have a direct relation and partnership with 140 organizations around the world, and that has made our international connect such a strong one.
—Dr A. Didar Singh will be moderating the inaugural session at the first Global
Indian Business Conference being held on January 10, 2014 at the Federation House,
Tansen Marg, New Delhi. For details log on to www.gibc2014.com
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