‘Country must allocate 6% of GDP to edu sector’
Kolkata: India’s projected 6.5 percent growth rate is a reasonable expectation, considering the complex geopolitical landscape. As a major hub for Global Capability Centres (GCCs), hosting around 40 percent of these centres, India is well-positioned to drive growth, said Sanjiv Puri, President, CII, and Chairman & Managing Director, ITC Ltd, at the CII Conference on Catalysing Growth of Eastern Region in Kolkata.
Puri advocated for 6 percent of national GDP should be allocated to the education sector.
He emphasised the need for Free Trade Agreements (FTAs) and the streamlining of customs tariff structures. The EU free trade agreement holds significant importance for India, and it is anticipated that several FTAs will be established soon, he said.
Puri further highlighted that achieving an 8 percent national growth rate in
India necessitates the activation of all sectors of the economy, including agriculture, services, manufacturing, private investments, and the facilitation of the Ease of Doing Business (EODB).
A revival in manufacturing is essential, along with increased momentum in labour-intensive industries, given India’s demographic advantages and the urgent need for job creation. Additionally, enhancing the competitiveness of MSMEs should be a key priority, he said.
Talking about the evolving geo-political landscape, Chandrajit Banerjee, Director General, CII, mentioned current inflation happening in US economy and the slowdown of the automotive sector of Germany, considering it as an economic powerhouse of Europe. While speaking about the national paradigm, he further added that collaboration with respective state government to establish a joint task force.
He emphasised about constructing of high-level committee for regulatory reforms, streamlining ease of doing business (EODB), promoting agritech adoption, developing skills through model career centres, and implementing next-generation reforms in areas such as land, power, education, and healthcare.
Rajiv Memani, President Designate, CII and Chairman and CEO - EY India and Chair – EY Growth Markets Council, mentioned the fact that Rs 20,000 crore has been allocated in the budget in R&D sector, and spoke about the importance of GCC and suggested Eastern Region should push for much higher number of GCC.
He also advocated for introduction of mineral value chain in the Eastern Region,
threading it with critical mineral mission announced by Government of India in the last Union Budget.
Suvendra Kumar Behera, Chairman, CII Eastern Region and Vice Chairman & Managing Director, RSB Transmissions (I) Ltd, stated that Eastern Region contributes 12.7
percent to India’s national
GDP, highlighting the need to leverage its rich mineral resources and ores to accelerate growth.
Digitization is crucial for informed decision-making, and embracing green processes and renewable energy is vital for sustainability. With concerted effort, the Eastern Region has the potential to emerge as a leader, driving growth and development in India, he said.
