CII: Industry-Government Synergy Key Amid West Asia Crisis

The Confederation of Indian Industry (CII) praised the Indian government's quick response to the West Asia crisis and urged the industry to align efforts for economic resilience. Highlighting strategic reserves, supply chain diversification, and energy transition, CII outlined actions to bolster India's long-term resilience against global disruptions.

The Confederation of Indian Industry (CII) has commended the Indian government for its prompt and coordinated response to the disruptions caused by the West Asia crisis. It urged businesses to engage in responsible and constructive actions to complement government efforts, emphasizing the need for ongoing collaboration.

CII has outlined several strategies for the industry, including building strategic reserves and buffer mechanisms for crucial materials and fuels. It recommends collaborative approaches to stockholding and shared infrastructure to enhance national preparedness against future disruptions.

Furthermore, CII advocates for price stability to support inflation management, diversified supply chains, strategic investments in energy transitions, and protection of employment. Larger firms are encouraged to support MSME partners by improving payment terms and credit, thereby sustaining liquidity in the supply chain.

Additional recommendations include enhancing energy efficiency, improving risk management, and investing in technology to advance operational flexibility. These actions, CII believes, will fortify India's economic security while fostering resilience against unforeseen challenges.

According to CII Director General Chandrajit Banerjee, this partnership is crucial. He highlighted the importance of economic security, including energy resilience and supply chain diversification, as integral parts of India's growth strategy.

Since the onset of the crisis, the government has ensured the availability of fuel, expanded LPG production, and strengthened trade support. CII asserts that with continued policy support and sustainable industry practices, India is poised to manage the situation effectively and enhance its long-term resilience.

(With inputs from agencies.)