FICCI has seen a change of guard with Amit Mitra hanging up his boots after a 17-year stint to take over his new responsibility as the finance minister of West Bengal. Rajiv Kumar , who takes over as the new secretary-general, is not in unfamiliar territory, having previously worked as an economist at another industry chamber CII. In an interview with ET , he talks about his plans to carry forward India's oldest industry association. Excerpts:
Dr Mitra has been for long been synonymous with Ficci. How challenging will it be for you to step in his shoes?
It's a huge boost for me and at the same time, the feeling is that of trepidation. Dr Mitra created a great organisation and now we have to make it even better. We want to see Ficci as an organisation that people globally relate with the Indian economy itself. Ficci should not only be a national brand, but a global brand as well.
You have also worked with CII in the past. Do you see the two chambers working together in the future?
I believe in competition. It's a combination of co-operation and competition. I am sure the two associations will work in areas together and in some cases, they already are.
Despite fast growth, Indian economy is facing many challenges on the governance front with scams and scandals rocking both politics and corporate life. How severe is the dent on India's image as a business destination?
We agree that the country's image has been impacted since reports of scams and other corruption issues came out in public. However, there's no one point solution to it. We, at Ficci, will focus on reforms that can help in the long run. The country's image has been dented, but if you deepen the reforms, improve education, healthcare and flow of investments in the country, you empower people and deepen the democracy.
The country needs to focus on employment generation so that scarcity of resources does not lead to such unethical activities. We are working with the government on an initiative called Invest India. It aims to improve business climate in the country by encouraging both domestic entrepreneurs and foreign investors to invest. We already have an Incredible India campaign (for tourism), now we need to have a Credible India.
Rising interest rates and inflation are also impacting the short-term growth. How can we tackle these?
In India, demand has been generated without adequate supply, which led to inflation. The supply side factors should be worked upon to contain inflationary pressure. India should emulate China and create an adequate supply chain, much ahead of increasing demand. As of now, various measures being adopted are putting pressure on demand, which, in turn, is affecting people and the economy.
What would be your strategy and focus areas of work as the new Szecretary-General?
We have created a nine-point agenda for economic reforms, which emphasises on expanding share of manufacturing in the economy, focus on higher education and health, agriculture, employment generation, governance reforms and improving investment climate in the country. We will work closely with central and state governments towards achieving these reforms. We will also expand presence by increasing number of members and open offices in states like UP, Bihar, Kerala, Orissa, besides the North-East.
Dr Mitra has been for long been synonymous with Ficci. How challenging will it be for you to step in his shoes?
It's a huge boost for me and at the same time, the feeling is that of trepidation. Dr Mitra created a great organisation and now we have to make it even better. We want to see Ficci as an organisation that people globally relate with the Indian economy itself. Ficci should not only be a national brand, but a global brand as well.
You have also worked with CII in the past. Do you see the two chambers working together in the future?
I believe in competition. It's a combination of co-operation and competition. I am sure the two associations will work in areas together and in some cases, they already are.
Despite fast growth, Indian economy is facing many challenges on the governance front with scams and scandals rocking both politics and corporate life. How severe is the dent on India's image as a business destination?
We agree that the country's image has been impacted since reports of scams and other corruption issues came out in public. However, there's no one point solution to it. We, at Ficci, will focus on reforms that can help in the long run. The country's image has been dented, but if you deepen the reforms, improve education, healthcare and flow of investments in the country, you empower people and deepen the democracy.
The country needs to focus on employment generation so that scarcity of resources does not lead to such unethical activities. We are working with the government on an initiative called Invest India. It aims to improve business climate in the country by encouraging both domestic entrepreneurs and foreign investors to invest. We already have an Incredible India campaign (for tourism), now we need to have a Credible India.
Rising interest rates and inflation are also impacting the short-term growth. How can we tackle these?
In India, demand has been generated without adequate supply, which led to inflation. The supply side factors should be worked upon to contain inflationary pressure. India should emulate China and create an adequate supply chain, much ahead of increasing demand. As of now, various measures being adopted are putting pressure on demand, which, in turn, is affecting people and the economy.
What would be your strategy and focus areas of work as the new Szecretary-General?
We have created a nine-point agenda for economic reforms, which emphasises on expanding share of manufacturing in the economy, focus on higher education and health, agriculture, employment generation, governance reforms and improving investment climate in the country. We will work closely with central and state governments towards achieving these reforms. We will also expand presence by increasing number of members and open offices in states like UP, Bihar, Kerala, Orissa, besides the North-East.
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