STOCK MARKET BSE NSE

'Improve Product Standard Norms'

The Indian industry needs to develop norms for standard products, like the ones produced by advanced nations, to lower the transaction cost and allow Indian traders better access to markets, Cabinet Secretary Ajit Seth said at an industry function here on Wednesday.

Published: 17th April 2014 10:06 AM  |   Last Updated: 17th April 2014 10:06 AM   |  A+A-

The Indian industry needs to develop norms for standard products, like the ones produced by advanced nations, to lower the transaction cost and allow Indian traders better access to markets, Cabinet Secretary Ajit Seth said at an industry function here on Wednesday.

“It is not surprising that Indian exporters have to incur high costs in order to comply with standards and technical regulations in main foreign markets,” Seth said.

“The purpose of standards is to facilitate information exchange, ensure quality and achieve efficient provision of public goods, he said.

Noting lack of appropriate standards in India is hurting domestic sales besides adding to transaction costs for exporters, Seth said, “It is essential that the Indian industry inculcates a culture driven by standards...In many countries, product standards are developed through a voluntary consensus of companies engaged in producing competing products.”

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp