New Delhi [India], March 22 (ANI): The Department-related Parliamentary Standing Committee on Commerce on Tuesday suggested the Central government leverage the ‘China Plus One Strategy’ for making India an alternative investment destination for major global companies that intend to substitute their China-dependent supply chains.
The growing preference of companies located in major economies of Europe and the US to shift to other manufacturing bases than China provides a window of opportunity for India’s trade sector which needs to be capitalised, suggested the committee in its 167th Report on Demands for Grants (2022-23) of Department of Commerce, Ministry of Commerce and Industry.
The report was presented to both Houses of the Parliament– the Rajya Sabha and the Lok Sabha.
The Committee, headed by Rajya Sabha MP and YSRCP leader V Vijayasai Reddy recommended that a policy measure to benefit from the strategy should be “devised which should incorporate steps to ensure a business-friendly environment and best-in-class manufacturing infrastructure for the incoming investments”.
It further recommends that the government should endeavour to pursue “Free or Preferential Trade Agreements” or an interim and mini-trade agreement with countries that seek to invest in India under the ‘China Plus One’ strategy.
In the report, the panel discussed and examined the Demands for Grants of the Department of Commerce proposed for the financial year of 2022-23.
Along with an exhaustive evaluation of the budgetary proposals to be utilised in the current year, the report also scrutinizes the budget of previous years, the details of expenditure incurred as well as financial prudence adopted by the Department in its overall functioning.
The report further oversees the optimal utilization of financial resources by the Department for effective implementation of schemes and programmes as well as the adequacy of allocated funds for their proper execution. It also gives an analysis of the trade performance of India in the financial year 2021-22 and the related challenges, prospects, avenues and constraints.
The Committee considered and adopted the draft Report in its meeting held on March 21, 2022. (ANI)
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