International enterprises must be encouraged to create supply chains in India that enable larger value capture in the domestic economy, YC Deveshwar, Chairman, ITC Ltd, said here on Wednesday.
Widespread reforms that progressively create conditions for the competitiveness of enterprises operating in India supported by a combination of tariffs and incentives to make value-addition commercially competing, he added.
Addressing shareholders during the 103rd AGM of the company, the chairman said: "From 2005 to 2012, only 2 million jobs were added annually, which is well below the asking rate. It is unfortunate that commensurate employment opportunities could not be created despite high levels of growth witnessed in the economy during this period."
The country on an average adds 12 million to the job market, every year.
The country's consumption basket has a large share of imports either as finished products, sub-assemblies or components. Thus despite the presence of multi-national entities in India, a substantial part of the value remains outside, Deveshwar said.