India has emerged as the fastest growing major economy in the world and is expected to be one of the top three economic powers of the world over the next 10-15 years, backed by its strong democracy and partnerships. As of 2018, India has overtaken China as the world’s fastest-growing major economy, primarily owing to robust performance in the construction and manufacturing sectors. The outcome of the national elections in 2019 is unpredictable. A steadily-strengthening coalition of opposition parties, however, increases the likelihood of a fractured Parliament following the next general elections leading to a possible slowdown in reforms in the post-election outlook, particularly land acquisition, other economic reforms or those focused on encouraging FDI across sectors. Recent global credit crunch and resulting economic meltdown has led to uncertainty. Tighter financial conditions, higher oil prices, adverse terms of trade, lower growth in partner countries, and rising political uncertainties in India and abroad will tend to reduce growth and lead to a lot of uncertainty in the business environment. These factors will limit the pace of the Indian economy's growth over the next few years, with real GDP growth of 7.3 per cent in 2019 and 2020, from around 7.4 per cent in 2018. It said the greatest downside risk to India's growth prospects stem from concerns about its financial sector.
Becoming an agile organization also means constantly making improvements in areas such as productivity and performance. A young India, with a large digitally enabled middle class is asking for growth and change. Without building the skills and capabilities necessary to drive innovation, the nation risks stagnation. However, if India can create capabilities for growth and new solutions, the opportunities, both at home and abroad, are limitless.
Karnataka Government has been progressively working towards simplifying regulatory mechanisms so that a conducive environment can be provided for businesses in the state. The Industry can be agile. The state has been successful in implementing reforms for simplifying procedures along with providing an investor facilitation for the investors to invest in Karnataka. In past 3 years, there has been considerable improvement in business facilitation and easing of business regulatory environment. In terms of EODB ranking, the state had secured 9th rank in 2015, 13th in 2016 and progressed to 8th rank in 2017. In 2017, the state secured 98.64% in reform implementation and 77.66% in industry feedback, with 96.42% in overall implementation.
With this Background CII Karnataka is conducting the Annual Day Conference with the theme of “Business Transformation & Agility in Volatile Times”. The session will be conducted on 6 March 2019 at Hotel Taj West End, Bengaluru.