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CEO Roundtable takes note of marked improvement in business ecosystem due to government’s sustained effort offers suggestions to take growth story forward

CEO Roundtable takes note of marked improvement in business ecosystem due to government’s sustained effort; offers suggestions to take growth story forward

Industry body ASSOCHAM organised a roundtable conference of CEO’s, CMD’s and top leadership of companies engaged in the manufacturing sector to deliberate on ‘India’s 2047 vision for manufacturing sector’. The conference was attended by representatives from the Government, Public and Private sector companies, Academia, Banking, Automotive and Infrastructure developers among others.

The conference during its deliberations was unequivocal in crediting the sustained efforts by the government in recent years for the marked improvements in the business ecosystem and the accompanying growth story. The gathering also held insightful discussions on ways to take the growth story forward, highlighting important focus areas and offering suggestions on strengthening the ecosystem.

Mr Deepak Sood, Secretary General ASSOCHAM said, no developed or developing nation can aspire for further growth without the manufacturing industry. India with one of the largest workforces in the world is making giant strides in the sector as it realizes its dream of a Viksit Bharat by 2047. A strong collaboration between all stakeholders including government, industry and academia will guide the path to a sustained growth story.

India’s demographic advantage was a key point of discussion at the conference. With the country’s population projected to touch 166 crores from 144 crore at present and the median age to be 37.5 years by 2047, there will be more people available to join the workforce. Urban population too is projected to grow from 36.8% at the moment to 51% during the same timeframe. Requirements of living in urban set-ups will be a major boost to the manufacturing sector in times to come.

In the Global Manufacturing output index, India accounts for 3.3% and occupies the fifth position after China, US, Japan and Germany. With roughly 17.7% of the world’s population, India has much room for growth in manufacturing and other sectors as well. Various government policies like relaxation in FDI norms, single window clearance, decriminalisation of economic offences and the PLI schemes have enhanced ease of doing business in the country.

The corporate leaders all agree that the country possesses unrivalled opportunities for growth and that much advancement has been in the area of technology and skill availability to leverage the available opportunities. To further leverage the growth story, several key sectors and focus areas such as harmonisation of standards, better availability of finance for SME and MSMEs, tweaks in logistic policy to make it more seamless and cost effective are discussed.

Issues related to land acquisition causing impediments to setting up manufacturing facilities is another concern discussed. Strengthening of the single window clearance system to enable easier adherence to the various rules and regulations is discussed as a solution. The need to strengthen the research and development eco-system was another key point of discussion with all attendees calling for greater collaboration between industry, academia and research institutions. Stronger IP laws to boost R&D and ensure maximum protection was another key point discussed.

India is poised for sustained high growth and manufacturing has a big role to play in the growth story. The industry is ready to make the change happen and with continued support from the government, we are confident that the transition from Made in India to Make in India will further progress to Make in India for the world in the years ahead.

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