The India-China standoff in Galwan Valley is a 'wake-up call' for the Indian companies to introspect and take actions to become more competitive globally, the Confederation of Indian Industry (CII) said on Thursday.
The Indian and Chinese armies are locked in a bitter standoff in multiple locations in eastern Ladakh for the last six weeks, and the tension escalated manifold after 20 Indian soldiers were killed in a violent clash in Galwan Valley on June 15.
On this issue, the industry stands by the government as it ensures sovereignty and territorial integrity of India, CII said in a statement.
"Even while trying to keep the borders of the country safe, the government is also battling the pandemic within. These are challenging times indeed. However, in every challenge there is also an opportunity, and as a nation we should look at that side of the coin also," the CII said.
It said this is the right time to take some strategic and tactical decisions to ensure that India becomes economically more self-reliant, more competitive and more globally engaged.
"The world sees India in a very positive light and every effort should be made to ensure that industry in India secures a larger share of international trade through greater integration into global value chains. CII has set a target of 5 per cent and 7 per cent shares respectively of international merchandise and services trade by 2025," it said.
The CII observed this was also time for the Indian industry to introspect and look at actions that are required to be taken to become more competitive.
"At every company level, we must invest in learning and in building technical capability to be internationally competitive," it said.
With central and state governments working in tandem for the best possible investment environment, India can emerge as a hub of high value addition and source for all countries. "The current situation is a wake-up call and as CII, we are committed to respond with full determination," it said.