'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.
“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.”