At the India Economic Summit in New Delhi, John Rice, vice chairman of Fairfield, CT-based GE, said, “It is good to have manufacturing capabilities, but the true benchmark is to compete on a global scale. We export 50 percent of what we make in India and we believe that number should go even higher.”
Rice urged India to create a new export credit agency to boost exports. He also noted that it was imperative to create the right skill sets for the youth to get jobs and perpetuate a culture of productivity, reports The Hindu.
India already has two agencies for export finance and credit, the Exim Bank of India and the Export Credit Guarantee Corporation of India.