There is a need for industry to stabilize the existing production and then venture into the Global markets: Mr. Sanjay Chadha, Additional Secretary, Department of Commerce, Ministry of Commerce & Industry, Government of India

No.PR-63 May 11, 2020 New Delhi There is a need for industry to stabilize the existing production and then venture into the Global markets: Mr. Sanjay Chadha, Additional Secretary, Department of Commerce, Ministry of Commerce & Industry, Government of India New Delhi, 09th May 2020: Pandemic COVID-19 has severely hit global trade and investments and disrupted the global supply chains leading to structural shifts in the coming times with more digitization. India is looking forward to recapturing its growth trajectory with the restructured global supply chains with enhanced participation in the world economic system. To understand the challenges and way forward, PHD Chamber of Commerce and Industry, conducted an interactive Webinar on “India's Role in Re-Engineering Supply Chains: Regional and Global Perspectives” with Mr. Sanjay Chadha, Additional Secretary, Department of Commerce, Ministry of Commerce & Industry, Government of India. Mr. Sanjay Chadha, Additional Secretary, Department of Commerce, Ministry of Commerce & Industry, Government of India appreciated PHD Chamber of Commerce and Industry for organizing the interactive webinar on a topical subject. He said that COVID-19 will be a new normal with new norms of working and we would have to live with it for some time. He mentioned that the tradeoff between containment efforts and ensuring economic activity needs to be balanced. He said that we don’t have a rule book for tackling this pandemic and the Government is working towards mitigating the impact of COVID-19 on economy, trade and industry. Lockdown has led to a slowdown in the transmission of pandemic COVID-19. The COVID-19 crisis has brought home the concept of sanctioned domestic capacity to meet the needs of a mass medical emergency. Some of the US companies couldn’t expand their production as they are dependent on China. This is going to be a new normal which we can call the concept of ‘shoring up’ which is bound to happen. We need to scale up and have a more exportable surplus and the sentiment should not be to abandon China, but to look at China plus many others for Global Supply Chains, said Mr. Sanjay Chadha. Mr. Sanjay Chadha emphasized that the Government is continuously working towards resolving the issues of trade and industry. But at the same time, we need to understand that industry should change its mindset and the way of working post-COVID-19. There is a need for the industry to stabilize its existing production and then venture into the Global markets. At the investments front, we need to look at global investments which will be an opportunity for India. going forward. Mr. Sanjay Chadha suggested PHD Chamber to provide their recommendations and suggestions on the issues being faced by the industry so that they can be raised to the ministries and resolved at the earliest. The other eminent speakers who deliberated India's Role in Re-Engineering Supply Chains: Regional and Global Perspectives were Dr. Niti Bhasin, Associate Professor, Department of Commerce, Delhi School of Economics; Prof. Manmohan S Sodhi, FIMA, FORS, Professor in Supply Chain Management, Cass Business School, University of London; Dr. Vijay Pereira, Associate Professor, Khalifa University, Abu Dhabi; Dr. Surender Munjal, Associate Professor, University of Leeds, UK and Prof. Sangeeta Khorana, Professor of Economics, Bournemouth University, UK. The speakers discussed about disruptions in Global Supply Chains and suggestions for India’s strategy including the Middle East and UK perspective on re-engineering supply chains. Prospects for Global trade and Investments in post COVID world and India’s strategy were also discussed during the webinar. Mr. Sanjay Aggarwal, Sr. Vice President, PHD Chamber of Commerce and Industry, appreciated the pro-active and responsive measures undertaken by the Government to combat the hardships faced by trade and industry due to the spread of pandemic Covid-19 in the country. He also highlighted the relief measures provided by the Government in this current situation of severe market downturn and spread of pandemic Covid-19. He said that MSMEs are essential for the supply chains to run and bring the economy back. The MSMEs sector has been severely hit due to COVID-19 and the biggest challenge for them is to run their businesses. We have to ensure that lives and livelihoods are not affected during this difficult time and essential economic activities continue to operate with Government support in the best possible manner. There is a huge opportunity for India and we must take advantage of re-engineering the supply chains by enhancing the cost competitiveness of our industry especially the MSMEs. As a country, we have to make ourselves open and available for the world economy, said Mr. Sanjay Aggarwal. Mr. Saurabh Sanyal, Secretary-General, PHD Chamber, gave his concluding remarks and a formal vote of thanks to all the delegates and participants. He reiterated the recommendation of PHD Chamber of a stimulus package of Rs 16 lakh crore, which accounts for around 7% of GDP that should be announced by the Government sooner than later to mitigate the impact of pandemic COVID-19 on economy, trade, and industry through various relief measures and benefits. The webinar was moderated by Dr. S P Sharma, Chief Economist and Principal Director, PHD Chamber of Commerce and Industry and was attended by more than 60 delegates including industry players and other industry stalwarts from all across the world. Ends. Media Division PHD Chamber of Commerce and Industry