India has shown progress in various sectors in the last 12 years, but Confederation of Indian Industry (CII) President R. Mukundan emphasized the need for global competitiveness to achieve the goal of a $10 trillion economy. Mukundan highlighted improvements in infrastructure areas like power, logistics, railways, ports, and shipping but stressed the importance of surpassing manufacturing rivals like China and Vietnam to establish India as a top global manufacturing center.
Moving beyond just “ease of doing business,” Mukundan suggested enhancing the “speed of doing business” by expediting approvals, investments, and project implementation. He also pointed out the necessity for additional reforms to attract more foreign investment, advocating for simplified investment processes and reduced delays to bolster investor confidence and increase capital inflows.
Regarding foreign direct investment (FDI), Mukundan mentioned the increasing trend of Indian companies investing abroad and emphasized the requirement for further reforms in India to attract more foreign capital. He highlighted the significance of maximizing the benefits of free trade agreements by increasing their utilization and identified potential collaboration opportunities between India and the United States in defense, aerospace, and advanced manufacturing sectors.
To achieve the $10 trillion economy target, Mukundan underscored the need for substantial expansion in shipping capacity, ports, and railway infrastructure. He also emphasized the importance of digitalizing government and industrial processes to enhance efficiency and support rapid economic growth. Mukundan praised the success of the production-linked incentive (PLI) scheme in the electronics sector and recommended extending similar incentives to labor-intensive industries like furniture and toys to boost domestic manufacturing and create jobs.
In the realm of energy transition, Mukundan highlighted the time-consuming nature of building transmission infrastructure and suggested prioritizing the strengthening of power distribution systems. He mentioned that industry bodies have submitted numerous recommendations to the government for improving energy infrastructure.
