The Federation of Indian Chambers for Commerce and Industry (FICCI) has a five-point prescription to bring in tremendous improvements in the performance of Indian chemical sector. Suitable labour legislations, changes in labour market rigidity, strong fiscal incentives, and pragmatic environmental regulations are all part of the suggestions made by Rajendra S Lodha, president FICCI, during the ongoing India Chem 2002 here.
Lodha is of the opinion that Indian chemical and pharmaceutical industry should concentrate more on less capital intensive, less value added segments like that of fine chemicals in order to stay afloat in the days of IPR regime. Addressing Indian Chem delegates, he said that the government should bring in suitable labour legislations to enable greater flexibility in the Indian labour market.
He felt that the ever-increasing environmental regulations are harming the chemical industry and wanted strong fiscal incentives from the government to help the industry comply with the regulations. More emphasis on low wastage and increasing R&D expenditure substantially were also projected as urgent necessities that could help Indian industry boost its image among the global chemical industry.
He wanted the government to set up adequate training facilities for qualified manpower and also called for better government-industry cooperation in chemical and pharmaceutical industry sector.