FICCI panel discussion unveils key insights and forecasts for industries

In a panel discussion hosted by the Federation of Indian Chambers of Commerce and Industry (FICCI), top government officials shed light on crucial aspects shaping various sectors of the Indian economy. The discussion, featured notable figures including N N Sinha, Secretary of the Ministry of Steel; S Krishnan, Secretary of the Ministry of Electronics and Information Technology; Anita Praveen, Secretary of the Ministry of Food Processing Industries; and Arunish Chawla, Secretary of the Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers.

N N Sinha, Secretary of the Ministry of Steel, highlighted the challenges faced by companies in complying with the European Union's (EU) carbon tax on imports. He emphasised that compliance might not be a choice for corporations and expressed concerns about the potential contagion effect of the carbon tax. Sinha also discussed exploring available green technologies in the short term.

S Krishnan, Secretary of the Ministry of Electronics and Information Technology, painted a positive picture for the electronics and IT industry in 2023. He declared it as a remarkable year for the sector, anticipating increased investments and citing the Hardware Production-Linked Incentive (PLI) scheme as the most successful. Krishnan also hinted at the imminent release of rules under the Data Protection Act.

Anita Praveen, Secretary of the Ministry of Food Processing Industries, outlined ambitious targets, stating their commitment to completing PLI (Production-Linked Incentive) investment goals by March 2024. She expressed confidence in meeting employment targets and highlighted the sector's growth, making it a pivotal player in India's economic landscape.

Arunish Chawla, Secretary of the Department of Pharmaceuticals, shared significant achievements in the pharmaceutical industry. He noted that Indian pharma exports reached $25 billion in end products last year, emphasising the success story of PLI schemes in the sector.

Chawla highlighted the importance of maintaining high standards and noted efforts to upgrade regulations with the Central Drugs Standard Control Organisation (CDSCO).