GE to raise exports from India

Vice-chairman Rice proposes creation of credit agency to boost exports, jobs

American conglomerate GE may ramp up its exports from India, its vice-chairman John Rice said and urged India to create a new export credit agency to boost exports and add jobs.

“It is good to have manufacturing capabilities, but the true benchmark is to compete on a global scale. We export 50 per cent of what we make in India and we believe that number should go even higher,” Mr Rice said at the India Economic Summit in the capital.

Export emphasis

“GE has been making in India for a long time and we have made significant new investments in Bihar and Pune,” Mr. Rice said.

“I would offer a simple suggestion that the government’s Make in India program should put more emphasis on exports,” said Mr Rice, who is also co-chair of the summit hosted by World Economic Forum and CII.

Job creation

As India needs to create one million jobs every month and help people keep those jobs, the GE vice chairman said that it is imperative to create the right skill sets for the youth to get jobs and perpetuate a culture of productivity.

“We must think of what is required in the 21st century, with a fourth industrial revolution under way. Are we collectively, whether it is industry or government, investing in the right training and capacity building for that?” he said. He mooted an export credit agency to spur Indian exports.

Commerce and Industry Minister Nirmala Sitharaman reacted with caution to the idea of a new export credit agency and said: “That can always be thought of, but several aspects would need to be attuned to India’s needs.”

India already has two agencies for export finance and credit — Exim Bank of India and the Export Credit Guarantee Corporation of India.