Indian industry needs a level playing to compete with global players as foreign investments flood the market, said N Srinivasan, Vice-Chairman and Managing Director of India Cements.

Though there have been many success stories in the industrial sector post-libersalisation, the Indian industry, particularly the manufacturing sector, faces challenges of high interest cost, huge indirect tax and exorbitant land prices.

The domestic market has survived the global economic crisis, EU crisis and high oil prices. But, the domestic challenges including delays in environment clearances are hindering the growth of manufacturing sector. “We can be more-competitive if these fresh challenges are addressed,” observed Srinivasan, former president of the Madras Chamber of Commerce and Industry (MCCI), while addressing MCCI’s Chamber Day celebrations here on Thursday.

Elaborating on the opportunities, he urged Indian entrepreneurs to “look over your shoulders and stay relevant.”

Earlier, Ambassador of Belgium in India, Jan Luykx, who is leading a delegation to meet State government authorities and business community here, said both India and Belgium have huge scope to grow the partnership in future. “Doors are open for Indian business community to do more business with our people,” he added.

Ram Venkataramani, President, MCCI, highlighted the recent initiatives of the chamber, including the one on start-up businesses in the non-IT sector, and the upcoming plans relating to skilled manpower.