Indian Industry should aspire to become more competitive: Shri Dammu Ravi, Secretary, Ministry of External Affairs
“In today’s uncertain times, Indian industry should aspire to compete better globally than being protected”, Shri Dammu Ravi, Secretary, Ministry of External Affairs, said at the Annual Business Summit 2025 of the Confederation of Indian Industry (CII) in New Delhi today. Emphasizing on the need to establish a strong manufacturing base in the country, he opined that no country could achieve greatness without being a manufacturing hub. He complemented the government to have adopted a clear cluster-based approach towards building India’s manufacturing capabilities. This would help achieve economies of scale in the country which is an essential component for scaling up future growth.
Addressing the session, Shri Dammu Ravi, highlighted other key areas, which are likely to drive economic growth as India moves closer to the ambition of being Viksit Bharat by 2047. For one, green energy transition will need to be seen as seamlessly interlinked to growth - for this garnering huge investments will be critical. Secondly, the integration of new technology to drive up value addition in our exports will be an important factor. In this context, role of MSMEs will be highly crucial as they are the harbinger of innovation. Another important element that is often under emphasized is the Digital Public Infrastructure, which could be a gamechanger in times to come if harnessed to its potential.
Looking beyond the domestic economy, Shri Dammu Ravi, alluded that sufficiency of supply chains will be vital for ensuring both higher and stable growth. From international trade perspective, India would need to stich together strategic deals which are beneficial for all the trade partners, he added.
Shri Saurabh Garg, Secretary, Ministry of Statistics and Program Implementation underscored the importance of statistics and said, “Policy making should be evidence based”. He exuded great confidence in the Indian economy and highlighted that the two important engines of growth – consumption and investments have been growing at a healthy rate, auguring well for the economy. He pointed out the findings of a recent forward-looking survey on private corporate sector capex investment by the Ministry of Statistics and Program Implementation, which suggest buoyant private investments over the next two years. Underscoring the healthy employment data (unemployment rate in the country came down from 6.0% in 2017-18 to 3.2% in 2023-24), he expressed the urgent need for the private sector to step up to collaborate with the public sector in rendering skilling programs. He also urged the private sector to leverage the huge repository of data that is being generated for their benefit and development.
Shri Amardeep Singh Bhatia, Secretary, Department of Promotion of Industry and Internal Trade, reflected upon a number of initiatives by the government, such as PLI scheme in manufacturing, strengthening of logistics infrastructure, recent trade agreements etc. which are ensuring that the economy is heading in the right direction. He urged industry to look beyond the uncertainties, which are short-term in nature, and rather adopt a longer-term horizon to truly capitalize on the emerging opportunities. An integrated industrial ecosystem which is seamlessly connected with downstream and upstream industries, MSMEs and startups to drive innovation is an important imperative for the future trajectory of industrial growth, stressed Shri Amardeep Singh Bhatia.
While moderating the session, Mr R Mukundan, Vice President, CII underscored that the Indian economy stands out as a beacon of hope amidst a highly uncertain global environment. Prudent macro-economic management by the government coupled with strategic trade partnerships prepares the economy for a shakeup in its growth trajectory, said Mr. R Mukundan.
29 May 2025
New Delhi