Domestic Industry Needs To Stabilize Existing Production And Venture Into Global Markets

There is a need for industry to stabilize the existing production and then venture into the Global markets, noted Sanjay Chadha, Additional Secretary, Department of Commerce, Ministry of Commerce & Industry, Government of India New Delhi, according to a latest update from the PHD Chamber of Commerce. Pandemic COVID-19 has severely hit global trade and investments and disrupted the global supply chains leading to structural shifts in the coming times with more digitization. India is looking forward to recapturing its growth trajectory with the restructured global supply chains with enhanced participation in the world economic system.

He said that COVID-19 will be a new normal with new norms of working and we would have to live with it for some time. He mentioned that the tradeoff between containment efforts and ensuring economic activity needs to be balanced. The COVID-19 crisis has brought home the concept of sanctioned domestic capacity to meet the needs of a mass medical emergency. Some of the US companies couldn't expand their production as they are dependent on China.

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