CII Media Releases
Industry needs to work with Government on reforms to achieve sustained economic growth: Vice President of India
Sep 23, 2021

India is at a decisive point in its journey towards prosperity, and we need to create global hubs that serve India and the world in the space of Manufacturing, Agricultural exports and digital services, said Shri M Venkaiah Naidu, Honorable Vice President of India while delivering his Inaugural Address at CII Mystic South - Global Linkages Summit organised by Confederation of Indian Industry (CII) with the theme of South India’s journey towards the $1.5 trillion economy by 2025.

The Honorable Vice President said that the revenue contribution of large firms’ to GDP in 2018 was 48%, and India has potential to achieve 70% by 2030. ‘’Improving access to capital and easing other barriers to business would help the best-performing firms of all sizes climb the ladder of scale and global competitiveness.”

The need of the hour is to initiate actions that return the economy to a high-growth track and create gainful jobs for millions of workers by 2030. The industry should work with the Government on various reforms that need to be implemented with greater vigour and pave the way for sustained economic growth in the coming decade, said Shri Venkaiah Naidu.

He said that South India combines manufacturing with services, culture with modern values and education and skills. The strength of South India lies in the maritime sector, Urbanisation, tourism, quality of life, and the culture of South India is one of its biggest strengths and should be used as a soft power.

The Hon’ble Vice President said, ‘’Most of the Southern States rank amongst the top in terms of ‘Ease of Doing Business rankings in India. This goes to show that building competitiveness is a key component of the region’s progression. Each State will need to find its champion sectors to propel growth.’’

He said ‘’When I see the Six States of South India, I see a powerhouse the rest of India should emulate.” He congratulated CII for Mystic South as it does not look at each State in isolation, but all of them together. That way, the south becomes a bigger united force to reckon with. He urged states to emerge as a competitive manufacturing and exports hub and create future ready workforce

Mr T V Narendran, President, CII in his address said, “The changing global economic growth is expected to create new external economic opportunities for India. South India has an immense opportunity to attract global investment by showcasing the inherent strength of each of the Southern States.”

“The Southern States have consistently scored high in the country on key economic and social indicators. FDI inflows into South India continue to expand at a rapid pace as investors from around the globe are looking for opportunities in key sectors of the economy. Southern Region contributes over 20% of FDI coming into the country,” said Mr Narendran.

He said that South Indian States offer unmatched potential for trade and investments, based on a conducive business environment, strong political governance systems, multifarious opportunities across sectors, innovation & startup ecosystem, robust infrastructure and highly skilled manpower.

Mr C K Ranganathan, Chairman, CII Southern Region said that Southern Region’s development and growth will make it move towards1.5 trillion economy.

Mr T T Ashok, Chairman, Mystic South said that the investment summit is a platform to showcase, promote and highlight the holistic strengths of South India as an ideal destination for trade, commerce and investments.

Mr Chandrajit Banerjee, Director General, CII said that the Government of India has taken many initiatives towards reviving the economy during the pandemic such as creating Infrastructure pipeline, Monetization pipeline  and well targeted stimulus packages. CII works closely with state governments on five major sectors which are agriculture, skill development, education, healthcare and promoting startups and entrepreneurship, he added.

23 September 2021

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