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观点:印度如何成为“+ 1”制造业目的地,同时减少对中国的依赖
尽管印度成功地抓住了服务外包浪潮,成为了名副其实的世界后台,但扩大制造业的能力——以及其涓滴效应——将对创造就业和平衡增长至关重要。
尽管印度成功地抓住了服务外包浪潮,成为了名副其实的世界后台,但扩大制造业的能力——以及其涓滴效应——将对创造就业和平衡增长至关重要。
政府可以借鉴越南的做法,通过出租、转包和抵押的方式重新分配大块土地。土地改革
由于大量悬而未决的法庭案件,印度执行一份合同需要近1440天,而新加坡则需要150天。合同执行
政府应该放眼长远,为手机、国防和锂离子电池等新时代行业提供激励措施。更多的奖励
Govt could borrow a leaf from Vietnam\u2019s playbook and redistribute large parcels on lease along with the right to rent, sub-contract and mortgage.Land Reforms<\/cite><\/div><\/blockquote>
India has moved up 14 places to the 63rd position on the World Bank\u2019s ease of doing business ranking in 2019, following structural reforms like GST and fast-tracking of environmental clearances. But it still lags far behind countries like South Korea and China.<\/div><\/div>To seize the opportunity, CRISIL Research has analysed India\u2019s competitive strengths and weaknesses and identified gaps that must be plugged \u2013 and the sectors that must be targeted. India remains uncompetitive on labour, infrastructure and logistics. Logistics efficiency is poor with ~70% of freight moving by road which, at Rs 2.58 per tonne-km, is expensive compared with Rs 1.41 per tonne-km for Railways and Rs 1.06 per tonne-km for waterways. Plus, critical inter-linkages between different modes of transport are weak.
Implement immediate reforms to boost competitiveness:
<\/strong>While reforms such as the recent amalgamation of 44 labour laws into four codes are welcome, some immediate-term measures could help expand the manufacturing base and attract investments. Increasing the number of working hours \u2013 around five Indian states have adopted this so far \u2013 and ensuring the ability to fire workers could help enhance competitiveness on labour.
Land reforms are also crucial. The government could borrow a leaf from Vietnam\u2019s playbook and redistribute large parcels on lease along with the right to rent, sub-contract and mortgage.
Improve contract enforcement and dispute resolution timelines:
<\/strong>India takes almost 1,440 days to implement a contract versus 150 days in Singapore because of huge pendency of court cases. Crunching this timeline is essential to ease of doing business. CRISIL Research\u2019s look at various public domain documents shows India at 63 on this parameter, well below China\u2019s 31 and South Korea\u2019s 3. The Economic Survey 2019 said delays in contract enforcement and disposal resolution are \u201cthe single biggest hurdle to the ease of doing business in India.\u201dIndia takes almost 1,440 days to implement a contract versus 150 days in Singapore because of huge pendency of court cases.Contract Enforcement<\/cite><\/div><\/blockquote>
The government has promoted a culture of resolution with the Insolvency and Bankruptcy Code and Arbitration and Conciliation (Amendment) Act, 2019. But a lot more can be done to quicken out-of-court dispute resolution, thereby reducing costs. To wit, interest and penalties account for 75% of the Rs 92,641 crore adjusted gross revenue dues of telecom companies. A swifter resolution could have resulted in huge savings besides enhancing the sector\u2019s viability.
Adopt multi-pronged approach to boost sectoral level manufacturing:
<\/strong>The government should take a long-term view and provide tax and other incentives to build manufacturing ecosystems in new-age sectors such as mobile phones, defence equipment and lithium ion batteries. Simultaneously, it should pick the low-hanging fruit by capitalising on established strengths in sectors like textiles, leather, auto components and pharmaceuticals to spawn scale-ups.Govt should take a long-term view and provide incentives for new-age sectors like mobile phones, defence & lithium ion batteries.More Incentives<\/cite><\/div><\/blockquote>
In readymade garments (RMG), India has ceded ground to Bangladesh and Vietnam, largely because the latter enjoy FTAs. For instance, India\u2019s RMG exports to the EU, its biggest market, carry a 9.6% import levy versus zero from Bangladesh, Vietnam and Pakistan. In both RMG and leather, India should focus on entering FTAs apart from resolving issues related to the Merchandise Export from India Scheme.
The pharma success of last-mile facilitations must be replicated. After the pandemic, global pharma majors are securing supply chains and reducing dependence on China. China\u2019s huge economies of scale account for the 25-30% cost difference between Chinese and Indian APIs and intermediates. India imports 68% of its requirements from China.
To be sure, the government has launched a Rs 3,000 crore scheme for setting up bulk drug parks. It has also announced a production-linked incentive scheme of Rs 7,000 crore, targeting domestic manufacturing of 53 APIs with high dependence on imports. While this is great, drug-makers expect more anti-dumping duties and strategic manufacturing incentives \u2013 as do chemicals exporters.
(The writers are Directors, CRISIL Research)<\/em><\/strong>
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