Technology can help solve CAD problem: Mukesh Ambani
BS REPORTER
Mumbai, 13 November
Painting an optimistic picture of India, Reliance Industries Chairman
Mukesh Ambani said India can solve its current account deficit ( CAD)
problem by increased use of technology across all spheres of
industries, especially in the energy sector.
Addressing a gathering of Asia Society in Mumbai on the launch of a
collection of essays called " Reimagining India: Unlocking the
Potential of Asia's Next Superpower" on Tuesday evening, Ambani said
delivery of education, means of livelihood and healthcare services can
be expedited if the country embraces technology. " India is not behind
in innovation. By embracing technology, education can be provided to
all Indians across the country," said Ambani.
On CAD, Ambani said the problem was mainly due to import of energy
products such as oil and gas. " For a country like India, there is no
other option but to rely on technology, even to solve our energy
problems." The US, one of the world's biggest energy consumers, has
now become an exporter of gas, thanks to improved technology to
generate gas from shale deposits. Gas prices also tanked in the US to
just $ 2 a unit due to shale gas production.
This model can be replicated in India. "A pre- requisite to solve CAD
problem is education, and to make 250 million young Indians acquire
skills and make most of available technology," said Ambani.
Ambani is one of the contributors to the book along with CNN's Fareed
Zakaria; Microsoft cofounder Bill Gates; Google chairman Eric Schmidt;
Harvard Business School dean Nitin Nohria; Bharti Airtel chairman
Sunil Mittal and Nandan Nilekani, chairman of the Unique
Identification Authority of India and co- founder of Infosys. Ambani
said broadband technology is providing access to opportunities
irrespective of geographies. " So, you can access them in all the
5,432 small towns and cities, and 600,000 villages in a matter of a
couple of years and then scale up. That is what gives me optimism and
positivity." Reliance is investing close to $ 5 billion in the launch
of broadband services in India. It is important to bring 700- 800
million Indians who remained excluded from India's success story in
the last 20 years to the economic mainstream. " If we manage to bring
this segment into the economic mainstream, it will result in enormous
enhancement of India's economic and non- economic power as we will
generate equality in access despite inequality in income," said
Ambani. Mahindra Group chairman Anand Mahindra said India has a chance
to create a completely new template of development. He added smaller
states are better to manage. " I have no problem about more states
coming up. If size is the issue, make it ( states) more manageable."
(From left) Mukesh Ambani, CMD, Reliance Industries; Vishakha Desai,
President and CEO of Asia Society; and Anand Mahindra, CMD, Mahindra &
Mahindra, address a gathering of
Asia Society in Mumbai on Tuesday. PHOTO- SURYAKANT NIWATE
Source Business line
New system may cut customs clearance for exports to few hours
OUR BUREAU
NEW DELHI, NOV. 13:
The time taken for customs clearance of export consignments will come
down to a few hours following the implementation of a risk management
system, Finance Minister P. Chidambaram said.
At present, it takes up to 4 days.
"I sincerely hope that with the introduction of Risk Management System
(RMS) for exports, the dwell time which now ranges from 1.6 days to
3.68 days will be brought down to a few hours," Chidambaram told
reporters here after the launch.
To begin with the system will be available at 11 Customs stations,
including Bangalore, Chennai, Delhi, Hyderabad, Mumbai, Pune and
Tuticorin. But by the end of the year, it will be extended to all
Electronic EDI Customs stations.
A similar system exists for imports. The system was introduced in December 2005.
The Minister said the introduction of the system for import helped to
bring in additional revenue of Rs 2,211 crore. It also reduced the
dwell time, or the duration for which cargo remains in transit storage
while awaiting clearance.
"The revenue department claims that the dwell time for imports has
come down drastically after the launch of RMS in imports. Likewise,
RMS in exports is intended to bring down the dwell time so that the
cargo meant for exports moves up quickly, leaves the shores of India
towards its ultimate destination," Chidambaram said.
RESOURCE MANAGEMENT
The primary objective of this system is to strike an optimal balance
between facilitation and enforcement and to promote a culture of
compliance. It is intended to improve the management of the resources
of the department to enhance the efficiency and effectiveness in
meeting stakeholder expectations and to bring the Customs processes at
par with the best international practices.
The exponential growth in trade volumes means that the traditional
approach of scrutinising every document and examining every
consignment will simply not work, as it would neither be desirable nor
possible to constantly increase the resources with the increasing
workload. Also, there is a need to reduce the dwell-time of cargo at
the ports and airports and to reduce the transaction costs in order to
enhance the competitiveness of Indian businesses, by expediting
release of cargo where compliance is high. This necessitated
introduction of the new system.
With this the present practice of routine assessment, concurrent audit
and examination of almost all Bills of Entry will be discontinued and
the focus will be on quality assessment, examination and Post
Clearance Audit of Bills of Entry selected by the system.
shishir.s@thehindu.gov.in
(This article was published on November 13, 2013)
Keywords: New system, cut customs clearance, exports, customs
clearance, risk management system
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