Time for the private sector to expand capacity and bring in more investment: Addl Secretary NITI Aayog

New Delhi [India], September 3 (ANI): While addressing the 2nd edition of the CII Manufacturing Conclave on Tuesday, Rajeev Singh Thakur, Additional Secretary, NITI Aayog, stated that it is time for the private sector to expand capacity and bring in more investment.

Thakur emphasized that, "Public investment in infrastructure, like quality roads, highways, ports, and airports, is creating opportunities. Now it is time for the private sector to expand capacity and bring in more investment."

He said that India's pursuit of manufacturing excellence, targeting a 25 per cent GDP contribution, demands a cohesive strategy integrating State-Centre collaboration to streamline policies and leverage schemes like the Jan Vishwas Act for regulatory ease.

He said land reforms, simplifying acquisition and usage, will unlock industrial potential, while skilling in Industry 4.0 technologies ensures a workforce adept at producing high-quality, competitively priced goods for global markets.

Speaking on India's Manufacturing Vision 2030, Thakur said the plan aims to make the country a global hub, driving job creation and exports, and moving away from low-cost production.

He pointed out that southern and western states have taken the lead in improving their business environments, while northern and eastern states are also making progress. "The government is playing its part more aggressively, gradually simplifying rules, procedures, and guidelines to make business more friendly," he said.

Speaking at the conclave, R Mukundan, President Designate of CII and Managing Director & CEO of Tata Chemicals Ltd, noted that the economic success of R&D depends on matching research outcomes with global demand.

"The ongoing transformation in India's manufacturing landscape, exemplified by substantial investments in advanced chemical processes such as semiconductor fabrication, reflects a structural shift towards high-tech, high-value production. This aligns with global supply chain diversification trends and positions India as a critical node in the international manufacturing ecosystem", he added.

Deepak Shetty, Chairman of the CII National Council on Manufacturing Excellence and CEO & Managing Director of JCB India South Asia, Africa (East), echoed the need for globally competitive production.

"By aligning with global quality benchmarks and leveraging cost-effective, skilled labour alongside streamlined regulatory frameworks, India can enhance its global market competitiveness, drive sustainable economic growth and establish itself as a pivotal player in international supply chains", said Shetty. (ANI)

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