Mumbai: Industry veteran and Larsen & Toubro (L&T) Chairman A.M. Naik has said the country needs to move beyond knee-jerk reactions and put in place long-term and time-bound strategies for domestic industry to grow and become a major player in the global supply chain at a time when businesses are looking at shifting base from China.
He noted that the strong anti-China sentiment within India and around the world is a “possible game changer for domestic industry”.
Speaking at the L&T’s Annual General Meeting, he noted that it is essential that an enabling eco-system for growth is created. He called for urgent reforms urgently in many sectors including land acquisition and labour.
The financial system is also in urgent need of attention, he said, adding that the administration should streamline processes and accelerate the pace of decision making.
On the government’s vision of ‘Aatmanirbhar Bharat’, the L&T chief was of the view that ‘aatmanirbharta’ or self-reliance represents the logical next step to ‘Make in India’ as it encompasses the entire value chain of design, procurement, manufacture and delivery. This is an opportune moment for government and industry to act in unison and advance national interests, he told the shareholders of the company.
“To leverage these trends and harness them for productive purposes, we need to move beyond knee-jerk responses and draw up a long-term strategy with a time-bound plan for implementation,” he said.
He said that L&T has been all along championing self-reliance in the key sectors of defence, nuclear power, space research, power and infrastructure.
“With ‘technology for sustainable growth’ as the central theme of our endeavours, we reiterate our commitment to rise to the occasion and contribute to the national cause,” Naik said.