New Delhi, Jul 21 (UNI) India needs reforms in industrial, trade, infrastructure and corporate policies to take maximum advantage of the markets, which are shifting from advanced countries to emerging nations, an expert said here today.
''While the 20th century was driven by governments of advanced nations, the 21st century will be driven by markets of emerging nations and India needs reforms to take maximum advantage of this shift,'' said Jagdish Sheth, Professor of Marketing in the Goizueta Business School, Atlanta, US, during a presentation on 'The Tectonic Shift: The New Geo-economic Reality' at an event organised by Observer Research Foundation.
Regarding the industrial policy, Prof Sheth said India should focus on privatisation of Public Sector Units (PSU), besides being ideology free and providing incentives for quality, innovation and productivity.
Referring to re-engineering India for global competitiveness, he advised trade reforms to encourage balanced bilateral trade, increase incentives for domestic investment and anchor rupee to currency of top trading partners.
Besides, he suggested that the country should emphasise on upgradation of transport and logistics, build new ports, airports and train stations, special economic zone (SEZ), public private partnership and computerisation.
He pointed at encouraging domestic industry consolidation, discourage unorganised sector and globalise public sector units under corporate reforms.
Prof Sheth said Indian industries can become globally competitive by developing a global mindset, scaling up through global acquisition, leveraging human capital, investing in design and research and organising global supply chain.
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