No place for protectionism, we must penetrate global markets: Amitabh Kant

The participation of women in the economy must increase and the country cannot grow without bringing the large women population into the workforce, CEO Kant said

India should penetrate global markets, NITI Aayog CEO Amitabh Kant said, even as he stressed on promoting manufacturing in the country in a big way.

"We need to make India easy to do business and we in the government have taken several steps by simplifying rules and regulations that resulted in the country improving substantially in the World Bank's 'Ease of Doing Business'," a release from IIT, Hyderabad quoted him as saying, at the institute's convocation.

The country should penetrate global markets, Kant, who delivered the convocation address via video conference, said.

"It is important for all of you to understand that we live in a globalised world and there is no place for protectionism. We need to penetrate global markets. Japan and China are export-driven economies that have thrived on trade," he said.

Kant advised the students to think of the world as their market and not only the domestic market.

"We now import a lot of our mobile phones, television sets and telecommunication equipment. Manufacturing is important and we should increase it from its current share of 18 per cent of our GDP," he said.

The participation of women in the economy must increase and the country cannot grow without bringing the large women population into the workforce, he said.

"If India is to grow at 9 per cent, we must have gender parity. We must increase the participation of women in Indian economy and that will depend on you, many of whom will be in positions of power. You must give a place of prominence for women wherever you work. We cannot grow without bringing half of our population into the workforce," he said.