In a session ‘India: Roadmap to a USD 5 trillion economy’ organized by industry chamber FICCI, the think-tank, CEOs and Directors discussed the road map ahead to achieve the target of $5 trillion economy on Saturday. The industry leaders included in the session SAIL Chairman Anil Kumar Chaudhary, ITC Chairman and Managing Director Sanjiv Puri, Cadila Healthcare Chairman Pankaj R Patel, Bharti Enterprises Vice-Chairman Rajan Bharti Mittal and JK Paper Vice Chairman and Managing Director Harsh Pati Singhania.
The panel underlined the need for the Indian manufacturing sector to become globally competitive and join the global value chain as the key ingredients for becoming a USD 5 trillion economy. The panel discussed from policy stability to export of local goods as the key points for making India a USD 5 trillion economy.
“If we have to reach the level of USD 5 trillion economy by the next five years, we have to be globally competitive. India also needs to increase its exports of steel and other manufactured items,” said Anil Kumar Chaudhary, SAIL Chairman.
Rajan Mittal of Bharti Enterprises come with the idea of focusing on strengthening the digital backbone of the country. He said that industry has been disrupted and urgent intervention from government is the need of the hour.
J K Paper’s Singhania opined that the manufacturing sector needs to become internally competitive as several factors are still holding it back including the multiplicity of regulations from different regulators.
Cadila Healthcare Chairman Patel underlined policy stability as an important factor to grow any business.
ITC CMD Puri was in favour of adding more values to the farming sector. He said that “farming is a large employer. Lots of jobs were created in post-harvest management. We need to plug into the global value chains in value-added agricultural products’.