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<ul><li><keyword id="6357073" type="General" weightage="20" keywordseo="itc" source="Orion">ITC</keyword> believes that the Indian agriculture sector is “seriously threatened” by climate change and it needs attention.</li><li>It adopted a multi-pronged strategy to overcome the challenges, while increasing its profitability.</li><li>The company’s advisory app for farmers called Maars has a big role to play.</li></ul>The Indian agriculture sector is ‘seriously’ threatened by climate change and population explosion, and this calls for a higher level of production, ITC’s chairperson and MD Sanjiv Puri said. With that being said, ITC adopted a multi-pronged strategy to overcome the challenges put forth by the Indian agriculture sector. ITC believes that a strategic focus on value-added crops, its advisory app for farmers <keyword id="14508487" type="General" weightage="20" keywordseo="itc-maars" source="Orion">ITC MAARS</keyword> and climate smart agriculture will drive new vectors to sustain growth and profitability in this area. Notably, ITC’s agri-business sources over 40 lakh tonnes of agri-commodities from 22 Indian states and 20 agri-value chains. It also exports to over 95 countries across the globe. In an annual general meeting held on Wednesday morning, Puri emphasized that agriculture productivity and incomes today are seriously threatened by climate change and depleting natural resources. The rising populations have been making the issue worse as the demand for food is increasing. “ITC is committed to make a meaningful contribution to this new era of agricultural transformation,” Puri added during the AGM. ITC believes that the current situation calls for higher levels of production, building of competitive agri value chains, crop diversification to value-added products and scaling up of food processing to serve emerging consumer needs. <cmsannotation type="cmsannotation" annotationid="ITC’s MAARS app for farmers has a big role to play in it" comment="subhead" text="ITC’s MAARS app for farmers has a big role to play in it">ITC’s MAARS app for farmers has a big role to play in it</cmsannotation> To meet the target, the company will be focusing on accelerating adoption of advanced technologies through ITC MAARS. This will enable ITC to create a new and scalable revenue stream while benefiting farmers, Puri emphasised. ITC launched the MAARS app a few months back to offer artificial intelligence/machine learning (AI/ML)-driven personalised and hyperlocal crop advisories to farmers. It also provides access to quality inputs and market linkages as well as allied services like pre-approved loans. Puri added that the app has the potential to become a “considerable segment” of ITC’s agri-business, and is currently accessible by 40,000 farmers grouped into over 200 Farmers Producer Organizations (FPO) across seven states. “At the core, is your company's endeavour to restructure the backend into a robust network of vibrant FPOs to aggregate farmer effort and enhance efficiencies,” he said. ITC aims to engage and empower 4,000 FPOs, consisting of a crore farmers, over time. Puri emphasised that although nearly half of the country's workforce is dependent on the agriculture sector, it contributes to less than 19% of the country's gross value added (GVA). This reflects the challenges of low productivity, investments and incomes. “The opportunities arising out of India's growth story have also encouraged us to invest in five new manufacturing facilities that will be commissioned in the near term in areas such as agri and food processing, as well as packaging, among others. These assets are deeply aligned to the country's 'Make in India' and 'Digital India' vision as well as to the endeavours to 'Double Farmers' Income',” Puri said. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/fpi-selling-intensity-abates-in-july-as-global-macros-improve-commodity-prices-cool/articleshow/93003529.cms">FPI selling intensity abates in July, as global macros improve &amp; commodity prices cool</a> <a href="https://www.businessinsider.in/business/corporates/news/wipros-net-profit-drops-12-drop-in-q1-as-recession-fears-grip-its-non-us-clients/articleshow/93006573.cms">Wipro’s net profit drops 12% drop in Q1 as recession fears grip its non-US clients</a> <a href="https://www.businessinsider.in/business/corporates/news/hindustan-unilevers-resurgent-quarter-signals-demand-recovery-later-this-year/articleshow/93004051.cms">Hindustan Unilever’s resurgent quarter signals demand recovery later this year – brokerages bullish</a>

ITC is relying on its advisory app for farmers, valued-added crops to grow its agri-business

<ul><li>For the first time, cigarette business contributed to less than half of ITC’s total sales. </li><li>Since 1996, the non-cigarette business grew 21-fold. </li><li>Tough regulations and tax are posing challenges to the company’s cigarette business. </li></ul>It took over two decades but Indian Tobacco Company or ITC successfully transitioned from selling cigarettes to other businesses like fast moving consumer goods like wheat flour, ready-to-eat foods, shampoos and soaps amongst others. For the first time in its century-long history, cigarette business contributed to less than half of its total sales. For the financial year that ended in March 2019, the cigarettes business accounted for 45.8%, as per<a href="https://brandequity.economictimes.indiatimes.com/news/business-of-brands/how-itc-s-strategy-to-reduce-revenue-dependency-on-cigarettes-worked-in-its-favour/69781151"> an ET report</a>. ITC has since diversified into hotels, agriculture and FMCG. It now has successful brands under its kitty like Ashirwaad, the consumer wheat flour brand, Yippee which is a ready-to-eat snacks brand, Bingo chips and Vivel; apart from incense sticks. Moreover, ITC’s chain of hotels has 90 hotels in India, and is expanding internationally too. Since 1996, the non-cigarette business grew 21-fold, and it is also pushing in money behind it. As much as 80% of capital deployed is flowing into other businesses. Up in Smoke The 109-year-old company which started as Imperial Tobacco Company while the country was still under British rule, shed its reliance exclusively on tobacco 60 years into business. The company had predicted decades back that times will get tough for this business, and moved into other areas. And, its predictions have come true, affecting its flagship business. Tough regulations and taxes in the industry are posing challenges to the company’s cigarette business with over 15 popular brands that include Gold Flake, Navy Cut, Players, Scissors and Capstan. “A punitive and discriminatory taxation and regulatory regime, together with sharp increase in illegal trade in recent years, continue to pose significant operating challenges to the legal cigarette industry in the country,” ITC said in its annual report, released on June 13. The taxation on cigarettes after the implementation of Goods and Services Tax, went up by 20%. Between 2011-12 and 2017-18, the tax on cigarettes has trebled. In fact, cigarettes are the most taxed tobacco item, as it is 55 times higher than other tobacco products, effectively turning smoking, unaffordable.

As cigarette business goes up in smoke, ITC pads itself with candy and curds

<ul><li>In a bid to reduce the carbon footprint linked to animal farming, the mock meat category is gaining popularity in India, where 70% of the population is non-vegetarian.</li><li>As per trading firm Nirmal Bang’s report, India’s meat substitute market is estimated to be around ₹300 crore and ₹3500 crores in 3 years.</li><li>Climate change warriors are rooting for this category but nutritionists caution against it.</li></ul><keyword id="152806" type="General" weightage="20" keywordseo="butter-chicken" source="Orion">Butter chicken</keyword>, <keyword id="2174876" type="General" weightage="20" keywordseo="keema-pav" source="Orion">keema pav</keyword>, <keyword id="14426459" type="General" weightage="20" keywordseo="anda-burji" source="Orion">anda burji</keyword> but without anda or chicken and mutton, served as vegetarian items on a platter? It may sound like an anomaly but it’s now a reality, thanks to start-ups and even FMCG players. Apart from companies like GoodDots, Imagine Meats, Shaka Harry, Blue Tribe and Vegan Meri Jaan – FMCG major ITC too has launched products which offer ready-to-eat or ready-to-cook alternatives. The latest entrant is coffee company coffee brand Continental’s Greenbird. It offers chicken-like nuggets, seekh kebab, sausage and mutton-like keema. “Given the growing awareness of holistic wellness, sustainable living and widespread consumer acceptance in this area, India has the potential to emerge as one of the largest markets for plant-based products,” Praveen Jaipuriar, CEO, CCL Products told Business Insider India. Mock meat brands claim to mimic the taste and texture as mutton, chicken or fish but are made of soya bean, jackfruit, beans and wheat gluten. As per retail broking firm Nirmal Bang’s <a href="https://indiaobservers.com/indias-plant-based-meat-market-likely-to-touch-500-million-in-three-years/">report</a>, India’s meat substitute market is estimated to be around ₹300 crore and expected to touch ₹3500 crore per annum, in three years. <div type="image" title="087A5944" msid="92810518" hostid="261" caption="&amp;lt;p&amp;gt;Greenbird&amp;lt;/p&amp;gt;"></div> Tier II, III markets take a bigger bite Most plant-based companies are targeting meat-eaters, flexitarians who follow a vegetarian diet but occasionally eat meat, and former non-vegetarians who have quit meat to protect animals. According to the Food<a href="https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=India%20Emerges%20as%20a%20Burgeoning%20Market%20for%20Plant-based%20Meat%20Substitutes_Mumbai_India_05-03-2021.pdf"> and Agriculture Organization</a>, Indians consume soybeans, jackfruit, dairy, and pulses for protein. And <a href="https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=India%20Emerges%20as%20a%20Burgeoning%20Market%20for%20Plant-based%20Meat%20Substitutes_Mumbai_India_05-03-2021.pdf">almost </a>70% of Indians are non-vegetarian. <div type="image" title="087A5954" msid="92810570" hostid="261" caption="&amp;lt;p&amp;gt;Greenbird&amp;lt;/p&amp;gt;"></div> One of the oldest players in the market, GoodDot had run a nationwide mass-media <a href="https://www.businessinsider.in/advertising/brands/news/plant-based-meat-brand-gooddot-launches-a-campaign-featuring-neeraj-chopra-to-promote-the-message-of-doing-good/articleshow/89450919.cms">campaign </a>with Olympic champion Neeraj Chopra earlier this year who promoted <a href="https://www.businessinsider.in/advertising/brands/news/plant-based-meat-brand-gooddot-launches-a-campaign-featuring-neeraj-chopra-to-promote-the-message-of-doing-good/articleshow/89450919.cms">plant</a>-based meat over real meat. When GoodDot started in 2017, consumers had a lot of apprehensions but its founder Abhishek Sinha says that they are seeing good demand for their Unmutton Keema Kit, UnMutton Dhaba curry and biryani packs, in smaller towns and metros alike. “We believe that just like <keyword id="113418" type="General" weightage="20" keywordseo="paneer" source="Orion">paneer</keyword> became a constant feature in the menus of restaurants and hotels 25-30 years back, plant-based meat will be an integral part of restaurant menus in the next 3-4 years,” Sinha told Business Insider India. What’s on the sticker? Price is one of the biggest challenges in the mock meat market, just like most others in the ready-to-eat category. In some cases, they are priced higher than meat. ITC’s chicken burger patty of 550 grams is priced at ₹260, whereas its plant-based burger of 330 grams comes at ₹630. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brand </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Plant-based Product </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quantity (Grams) </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price (₹) </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Blue Tribe </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chicken nuggets </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">250 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">295 </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chicken nuggets </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">250 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">475 </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shakka Harry </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chicken nuggets </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">250 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">249 </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Imagine Meats </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chicken nuggets </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">500 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">575 </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GoodDot </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chicken chunks </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">400 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">299 </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Greenbird </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chicken nuggets </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">260 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">295 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> While home-grown brands have been able to bring the price down, their plant-based products are still 10 times more expensive than meat. So, to further make a dent in the Indian <a href="https://www.statista.com/outlook/cmo/food/meat/india">meat </a>industry, mock meat brands will have to reduce the price gap. “Comparing the price of plant-based meat to that of traditional meat and vegetarian options, is somewhat more expensive, and there are not many manufacturers in India. But despite being a new category and a niche segment, it has enormous potential,” said Jaipuriar. GoodDot has been able to get an edge here. “The price range of our products is between ₹95 to ₹379. In terms of per kg cost, some of our products are more affordable than meat whereas some others are at par with meat,” said Sinha. However, now that <a href="https://www.businessinsider.in/finance/news/pre-packed-meats-curds-paneer-and-puffed-rice-will-now-attract-gst/articleshow/92533389.cms" data-type="tilCustomLink">a new tax</a> has been levied onto labelled meats, it might help reduce the gap between the two food categories. “Meat is an expensive product and is not a very frequent buy for many consumers. With the increasing cost of fodder and taxing of meat with GST, meat would become even more expensive. Plant-based meat products have been levied GST of 18 % since inception, so their prices have already factored in GST costs,” said Sinha. Processed meat is like eating 4 bhaturas It’s always a good idea to shift to a more humane approach, but is mock meat a healthier option? Jaipuriar claims that plant-based meats are more nutritious as they lack saturated fat and are high on fiber, antioxidants, vitamins, and minerals. Nutritionists feel otherwise. “There’s nothing healthy about plant-based meat. The maximum it can offer you is a look-alike, taste indulgence but minimum nutrition. It's hyper-processed, which means nutrition comes to an end, so it becomes very toxic. For the sake of saving a life, you're just putting your life at risk because you're consuming toxic chemicals and it’s not recommended,” Amit Srivastava, founder of nutraceutical community platform Nutrify Today told Business Insider India. To improve their nutritional profile, brands will have to up their budget and add in more amino acids, vitamins, minerals or medium-chain triglycerides. If they do that, their costs will shoot through the roof, and brands are already under stress to reduce prices. According to Srivastava, the technology has not succeeded from a nutrition point-of-view. Some of them may even <a href="https://www.healthline.com/nutrition/is-plant-based-meat-healthy#downsides">contain </a>extra sodium, saturated fats, preservatives, refined oils, modified cornstarch and added sugar. To convert a plant based source into something that simulates the taste of meats, it would need to add a lot of fat. Since most exist as fine powders, they are assimilated in no time and provide an instant amino acid release into the bloodstream. All in all, this ‘instant’ release might make people gain weight. According to Srivastava, those who consume plant-based meat for more than three months, will gain weight. “With real meat, it's the opposite effect. You tend to lose weight because the body has to burn a lot of energy to digest meat and protein-based mock meat is stored into the fat cells. If you eat four bhaturas, your body will have a very tough time going forward trying to take so much oil. It has the same impact with processed meat,” said Srivastava.

Butter chickenless, UnMutton keema — vegan meats hope to become the next ‘paneer’ but health concerns remain

Mumbai, Jul 15 () Multi Commodity Exchange (MCX) has said it is seeking approval from market regulator Securities and Exchange Board of India to re-launch potato futures contracts. "There is a need (of hedging) in sensitive commodities like pulses and sugar etc... We may soon be launching potato contracts," said Rishi Nathani, head of business development at MCX, while commenting on industry demand for robust farm futures trade in a webinar on agricultural reforms. The exchange has applied to the Securities and Exchange Board of India (Sebi) for permission to re-launch the potato contracts, he stated. MCX had a successful potato futures contract, few years ago, but it lost liquidity over a period of time due to which Forward Markets Commission, then regulator of the commodity derivatives market, asked MCX to stop trade in the contract in September 2014. In the webinar on agricultural reforms, organised jointly by MCX and Indian Merchants' Chamber (IMC), food business major ITC stressed on necessity of a robust hedging platform to hedge price risks in number of commodities as the period of lockdown saw crude falling over 70 per cent, palm oil 30 per cent, and corn, wheat and potato too saw huge volatility hurting FMCG companies. Tarkeshwar in West Bengal, Delhi and Agra in Uttar Pradesh are top potato trading centres with a robust warehousing infrastructure for the tuber crop, which is increasingly gaining importance in contract farming space among domestic and multinational food companies like Pepsi. SM ANS ANS

MCX seeks Sebi approval to re-launch potato contracts

New Delhi, Dec 21 () From policy stability to emphasis on exports of local goods, key industry players on Saturday discussed and suggested measures for making India a USD 5 trillion economy.
SAIL Chairman Anil Kumar Chaudhary, ITC Chairman and Managing Director Sanjiv Puri, Cadila Healthcare Chairman Pankaj R Patel, Bharti Enterprises Vice Chairman Rajan Bharti Mittal and JK Paper Vice Chairman and Managing Director Harsh Pati Singhania took part in the discussion during a session on 'India: Roadmap to a USD 5 trillion economy' organised by industry chamber FICCI here.
The executives stressed on the need for Indian manufacturing to become globally competitive and join global value chain as the key ingredients for becoming a USD 5 trillion economy.
"If we have to reach the level of USD 5 trillion economy by the next five years, we have to be globally competitive. India also needs to increase its exports of steel and other manufactured items," SAIL Chairman Chaudhary said.
Cadila Healthcare Chairman Patel said that policy stability is required for any business to grow. "Without policy stability it becomes impossible for industry to plan long-term goals."
"We all know that manufacturing is not something we can decide today and begin the production tomorrow. It takes time. Besides, innovation has the most important role to play for any industry to survive," he said.
Bharti Enterprises' Rajan Mittal suggested that the government should focus on strengthening the digital backbone of the country.
Industry has been disrupted, he said adding that government's intervention is needed.
J K Paper's Singhania said the country's manufacturing sector first needs to become internally competitive as several factors are still holding it back including the multiplicity of regulations from different regulators.
ITC CMD Puri said that "farming is a large employer. Lots of jobs were created in the post-harvest management". 
"Even the food processing segment has the largest employment to capital ratio. We need to plug into the global value chains in value-added agricultural products," he added. ABI MKJ

Industry captains discuss road map for USD 5 trn economy

ReutersU.S. President Trump visits Derco Aerospace in Milwaukee, Wisconsin<ul><li>President Donald Trump this month <a href="https://twitter.com/realDonaldTrump/status/1204408551034228737?s=20">hailed</a> his signature rewrite of North American commerce rules as the "best and most important trade deal ever made."</li><li>But economists are less optimistic the United States-Mexico-Canada Agreement will deliver the sweeping growth the president promised.</li><li>In a new analysis, the Peterson Institute for International Economics estimated the agreement would instead cause US growth to decline by 0.12%.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>President Donald Trump this month <a href="https://twitter.com/realDonaldTrump/status/1204408551034228737?s=20">hailed</a> his signature rewrite of North American commerce rules as the "best and most important trade deal ever made," saying it would benefit vast parts of the economy from the agricultural sector to factories. After more than a year of heightened uncertainty, businesses welcomed the announcement last week that the White House and Democrats had reached the compromises necessary to replace a 25-year-old trade pact with Mexico and Canada.But economists are less optimistic the United States-Mexico-Canada Agreement will deliver the sweeping growth the president promised. In a new analysis, the Peterson Institute for International Economics estimated the agreement would instead cause US growth to decline by 0.12%."The pact modernizes trading rules, and strengthens enforcement of labor and environmental rights, but is still a net negative for all three economies," economists Mary Lovely and Jeffrey J. Schott wrote. "Its regulatory mandates, especially in autos, will restrict trade and hurt US industry." Under the new agreement, 75% of car components must be made in Canada, Mexico or the United States. While an increase from the previous requirement of 62.5% was meant to bolster the sector, it could actually raise input costs and slow activity. "The outcome will be just the opposite," Lovely and Schott wrote. "The new content requirements will raise production costs, resulting in higher auto prices, reduced US demand, lower auto exports, and more rapid substitution of machines for workers."USMCA won the endorsement of the powerful AFL-CIO last week, offering a green light for Democratic support. The agreement also toughens labor and environmental standards in North American trade. "One reason is that it defuses the argument that they do not know how to do anything in Congress except impeachment, and another is that many moderate Democrats feared rejecting something promoted by Trump at this contentious time," Lovely and Schott added. In a <a href="https://www.usitc.gov/publications/332/pub4889.pdf">congressionally mandated report</a> released in April, the US International Trade Commission reached a similar conclusion. The independent panel estimated that without reduced policy uncertainty, which it found to be a central benefit of USMCA, domestic growth could actually fall under the trade agreement. Gross domestic product would slip by 0.12% if the trade policy outlook remained the same, the ITC report predicted. Roughly 30,000 auto industry jobs would be created, but overall American consumption would fall because of higher prices."The increase in US auto parts production would draw resources away from other manufacturing sectors and the rest of the US economy, driving up production costs for other sectors," the report said.ITC <h3>NOW WATCH: <a href="https://www.businessinsider.com/bill-gates-warren-buffett-billionaires-donate-money-2017-10">On Giving Tuesday, see how Bill Gates and Warren Buffett are changing the world like no other humans in history</a></h3>

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