Indian Institute of Foreign Trade (IIFT) on Saturday hosted a discussion on systems and infrastructure in India affecting trade and manufacturing.
The event also deliberated on the innovation of solutions to tackle problems, develop new markets, and analyse the core strength of Indian trade in a situation of rupee depreciation.
The symposium was titled "Rejuvenate the Indian Growth Story through Manufacturing and Trade" and is organised each year by the students of IIFT to focus on issues related to trade.
With service sector growth in India growing faster than manufacturing, the symposium aimed to thrash out ways to shift from service trade to goods trade or manufacturing in Indian trade context.
"The biggest hurdle faced today is lack of proper policy making. India has grown but we need to focus on policy making," said Stemcor director Vinnet Mehra,
"There is no market research here and the policies are just drafted on will that cause unnecessary delay in work after having invested hugely," he said and urged the young generation to rejuvenate themselves constantly and join manufacturing sector rather than just seeking service sector jobs.
"I feel the bureaucracy should work and be honest. RBI should also bring down the interest rates to inspire more investments," Mehra said.
Mehra also suggested cutting down on energy import and developing infrastructure to produce energy in the country.
Executive VP, South Asia, Siemens, Tilak Raj Seth said: "Over-regularization causes problems. I think we should depoliticize trade."
(Reporting by Shabarni Basu)