Synopsis
During the CII National Conference, NITI Aayog Vice Chairman Suman Bery emphasized the necessity for MSMEs to be part of larger supply chains, highlighting that this integration is crucial for achieving 7-8% growth in India's economy.Key Takeaways
- MSMEs' integration into large supply chains is vital for competitiveness.
- India is currently the fastest-growing large economy post-COVID.
- Sustainability is critical for global competitiveness among Indian businesses.
- Manufacturing is set to become a central growth driver following decades of service dominance.
- Government reforms are creating a more favorable business environment.
New Delhi, March 6 (NationPress) India's corporate sector needs to take action, and MSMEs must be incorporated into larger supply chains to enhance true competitiveness and secure a growth rate of 7-8 percent, stated NITI Aayog Vice Chairman Suman Bery during his address here on Thursday.
Speaking at the CII National Conference on Responsive Supply Chain for Indian Manufacturing, Bery noted, "India has experienced a significant economic rebound post-COVID, emerging as the fastest-growing large economy globally, as confirmed by the IMF. With moderate inflation and a decline in poverty levels, the nation is on a robust growth path. The current challenge is to maintain and accelerate this momentum."
Bery further pointed out, "Traditionally, India has operated as a collection of regional economies rather than a cohesive market. However, with the implementation of GST and substantial infrastructure investments, we are now evolving into a genuinely unified national economy. This integration will serve as a key driver for India's future growth."
Emphasizing sustainability, Bery stated, "As the global economy shifts towards greener supply chains, Indian businesses—both large and small—must evolve. Sustainability is no longer merely a compliance issue; it is becoming central to global competitiveness. MSMEs need support during this transition, ensuring their place in a greener, more resilient industrial framework."
During the conference, Deepak Shetty, Chairman of the CII Council on Manufacturing Excellence and CEO of JCB India Ltd, remarked, "For the past two decades, services have been the primary growth engine. Now, the time has come for manufacturing to assume a central role, aligning with the Prime Minister’s vision of 'Make in India' and 'Make for the World.'"
He added, "With ongoing Ease of Doing Business reforms eliminating outdated regulations and decriminalizing business laws, India is fostering a more conducive environment for entrepreneurs, promoting innovation and investment."
Sagar Kadu, Director (Logistics Division), DPIIT, stated, "PM Gati Shakti is supported by a robust digital GIS-based system and a strong institutional framework where multiple ministries collaborate to collectively assess and coordinate these initiatives. By breaking silos and encouraging integrated planning, we have successfully identified and executed major connectivity projects, linking industrial hubs, ports, and civil infrastructure."
