India Inc could play a lead role in our economy’s global emergence
2 years, 5 months ago

India Inc could play a lead role in our economy’s global emergence

Live Mint  

As India celebrates its 75th year of Independence with the Azadi ka Amrit Mahotsav, we stand at the cusp of a new emerging world order. As former PM Manmohan Singh had commented, “The brightest jewel in the British crown was the poorest country in the world in terms of per capita income at the beginning of the 20th century.” Post-independence, a number of public sector enterprises were established, especially in heavy industries sector, which our first Prime Minister Jawaharlal Nehru called “temples of modern India”. The initiative to liberalize the economy brought the services sector into focus that today contributes more than half of India’s gross domestic product and attracts 55% of foreign direct investment. However, for a country of India’s size and scale, the manufacturing sector has to be the primary growth engine to fulfil the aspirations of a new India. Second, the cost of doing business in India is still high, with various regulatory and bureaucratic procedures that ultimately hurts India’s image and chances of becoming a preferred global manufacturing destination.

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