Experts highlight India’s strengths as a key player in shaping future global supply chains at the 29th CII Partnership Summit
“India has a huge potential to shape the future of global supply chains with its large and growing market, leveraging her demographic and geopolitical sweet spots,” stated Professor Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development (ISID), India and Member, Monetary Policy Committee, Reserve Bank of India. He was speaking at the session on ‘Creating Resilient Global Value Chains’ at the 29th CII Partnership Summit, organized by the Confederation of Indian Industry (CII) in partnership with the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry in New Delhi today.
Prof Kumar added that India today has emerged as one of the largest markets for many products including jet planes, smartphones, laptop, etc., which is providing an opportunity to set up world-class plants, reap economies of scale, and attract foreign investments. He further added that India’s young demographic dividend, along with its geopolitical advantage, strategic partnerships, and strong software and design capabilities have positioned India as a major destination for global supply chain restructuring. He also emphasized the need for strengthening economic partnerships for India going forward, by accelerating FTA negotiations with key regions including the EU and the UK.
Mr Kamal Bali, President & Managing Director, Volvo Group India Private Limited, India, stated that the evolving automotive value chain in India presents many opportunities. He mentioned ammonia and hydrogen as two critical sectors for creating resilient global value chains. He further added that value chains in India have evolved very well over time and continue to showcase confidence.
“We must bring innovation, resilience and collaboration to unlock the fullest potential of our respective countries’ attributes,” stated Ms Cindy Lim, Chief Executive Officer-Infrastructure, Keppel Ltd, Singapore. She also stressed on the importance of working on building ammonia supply chains, green hydrogen and unlocking new sectors of green jobs for future generations.
Dr Sanjay Kathuria, Senior Visiting Fellow, Centre for Social and Economic Progress (CESP) and Ex. World Bank, Head, South Asia Division, USA stated, “We need to diversify and reduce the environmental footprint of GVCs and substitute green for brown.” He also highlighted major opportunities for India as a global service provider and stated that India is extremely well placed to play a critical role in the increasing servicification of the global economy.
Ms Mandakini Kaul, Regional Coordinator, South Asia Regional Integration and Engagement, World Bank, India, highlighted the limited role played by women in trade and entrepreneurship in South Asia and underlined the importance of inclusion and resilience for fostering greater participation of women in trade and Global Value Chains (GVCs). She emphasized the importance of diversified trade policies with a whole-of-the-economy approach and focus on logistics both within the country and the neighbourhood as critical factors that can foster efficient and resilient global value chains.
Mr Vir Advani, Chairman, CII Trade Policy Council and Chairman & Managing Director, Blue Star Ltd, India moderated the session.
2 December 2024
New Delhi