Apex business chamber CII praised the Indian Government for its prompt and well-coordinated actions in response to the West Asia crisis. The government’s efforts have focused on maintaining functional supply chains, supporting exporters, and stabilizing the economy amidst global uncertainties. CII emphasized the importance of ongoing collaboration between the government and industry to address evolving challenges effectively.
CII Director General Chandrajit Banerjee acknowledged the government’s timely and reassuring response, which has helped mitigate immediate risks and sustain economic activities. The industry appreciates the government’s measures aimed at containing inflation, supporting industrial operations, and safeguarding jobs during these uncertain times. Banerjee highlighted the significance of the government’s comprehensive approach in maintaining macroeconomic stability.
In response to the current situation, CII proposed a 12-point action plan for the industry. Suggestions include building strategic reserves for critical resources, ensuring price stability for consumers, and enhancing supply chain resilience through diversification and alternative sourcing. The plan also emphasizes the importance of accelerating investments in renewable energy and energy efficiency to reduce dependence on conventional fuels.
Companies are encouraged to explore energy transition options, optimize operational processes, and invest in technology to enhance supply chain visibility and flexibility. Additionally, CII recommended measures to protect employment, support MSME partners, and strengthen risk management practices to improve resilience in uncertain conditions. The industry is urged to adopt innovative approaches, such as reducing fuel intensity and enhancing operational efficiency, to navigate the challenges posed by the ongoing crisis.
