Govt, industry to work together to tackle globalisation issues: NASSCOM

The Dollar Business Bureau 

There is a greater need for government and industry to work in collaboration, to cope with the challenges rising from a fresh phase of globalisation where the protectionist powers are gaining ground, said R Chandrashekhar, President, NASSCOM.

He stated the current global scenario as one marked by volatility, uncertainty, complexity and ambiguity (VUCA).

“This industry is well known to be a major driver of constant change that we see around us. But as we head into a new phase of globalisation, where anti-globalisation and protectionist forces have acquired new way, these global challenges cannot be met by the industry acting alone. It needs government support. The bigger context is that there is a strong reaction against globalisation,” he told the PTI.

“This is also translating into a type of protectionism and we have to ensure that our channels are kept open as they are pursuing their anti-globalisation and protectionist policies, while asking to open up the markets. It cannot be a one-way street,” he said.

In the last few years, there have been increasing instances of protectionist measures taken by various countries like the UK, such as hikes in visa fees.

Last week, the UK Home Office announced new visa norms, under which, if anyone applies for visa after November 24 under the category of Tier 2 intra-company transfer (ICT) they would have to meet a higher salary limit requirement of 30,000 pounds from the previous 20,800 pounds. The long-term cost of visa will increase up to 41,500 pounds.

Chandrashekhar further said that the acronym VUCA that was created a few years back is applicable to many countries world over.