The Indian Industries are facing the greatest need to understand the forces of competition to enhance the sustainability of Indian business, said N. Ravichandran, Chief Executive officer of Lucas TVS Limited.

He was speaking at a summit of productivity on the theme “Enhancing Competitiveness through Productivity” organised by the Coimbatore Productivity Council (CPC) on Saturday.

Mr. Ravichandran elaborated the factors influencing the competitiveness in the global business environment and the drivers of globalisation. To win the race in global competitiveness, it is not enough to be fit but to fit and fast. The industries are under the increasing pressure of achieving higher profits with less resource. Therefore to survive it is not enough to be strong or intelligent but to be responsive to changes. There is a need to focus on speed, simplicity and self confidence with a vision and continuous action to reduce the Balance of Payment (BOP) deficit from 2.8 per cent to less than 2 per cent and the fiscal deficit from 4.7 per cent to less than 4 per cent, while doing so the declining trend in the agricultural sector also should be taken care of, he said.

S.K. Chakravorty, Deputy Director General of National Productivity Council, emphasised the need for innovation and research development for enhancing the competitiveness with focus on labour productivity. M. Settu, President of CPC, citing the World Economic Forum report lamented that India ranks 56 out of 142 countries as against China's 26{+t}{+h}rank in the global competitiveness index.