NITI Aayog, economic experts illuminate path for India's distinctive and inclusive economic growth at CII Forum

New Delhi [India], December 7 : Speaking at the CII Global Economic Policy Forum 2023, Suman Bery, Vice Chairperson of NITI Aayog, emphasized the importance of inclusive growth and women-led initiatives for achieving positive outcomes in India's economic landscape.
The forum, organized by the Confederation of Indian Industry (CII) in collaboration with the Department of Economic Affairs, focused on strategies for India as an emerging global economic powerhouse.
Bery stressed that achieving growth objectives, both domestically and internationally, requires a balanced approach between facilitation and regulation.
Bery said, "Growth needs to be both inclusive as well as pro-people, and women-led growth will be critical for attaining positive outcomes. The challenge is to use the mature institutional democratic structure of India to realize its potential in the Amrit Kaal."
"It is important to link both the personal and spatial dimensions of inequality," added Bery.
He highlighted the need to leverage India's mature institutional democratic structure to propel the nation's potential into what he referred to as the "Amrit Kaal," signifying a distinctive, disruptive, and responsible trajectory.
He called for building India's growth momentum based on its natural endowments and emphasized the importance of institutional maturity in a functional democracy.
Dr Ricardo Hausmann, Rafik Hariri Professor of the Practise of International Political Economy and Founder and Director, provided insights into the dynamics of capabilities, places, and products in the global economic landscape.
Dr Hausmann highlighted the role of know-how in driving production processes and emphasized the importance of bringing together people with differentiated knowledge to implement technology.
Hausmann said, "The world is a combination of capabilities, places and products and India is very well placed in the product space of the world. Implementation of technology requires people with differentiated knowledge to be brought together to make production processes possible".
"India is a big giant in business/ICT services and has one of the highest revealed comparative advantages in the sector in the world. However, there remains a large scope of improvement in terms of achieving the same in India's manufacturing sector," stated Dr Hausmann, acknowledging India's strength in business/ICT services.
Hausmann said, "The process of urbanization is a critical engine of growth, as it can bring people with different skill sets together to make more complex products. At the same time, it is important to spread knowledge and training, where the Indian government can step in at the state, union and district levels to unleash India's growth potential."
However, he pointed out the scope for improvement in India's manufacturing sector. Urbanization, according to Dr Hausmann, is a critical engine of growth that brings diverse skill sets together to create more complex products.
He suggested that the Indian government can play a pivotal role at various levels--state, union, and district--to unleash India's growth potential through knowledge dissemination and training.
Sanjiv Bajaj, immediate past president of CII, highlighted the significance of economic growth for supporting livelihoods globally, especially in developing economies.
The CII Global Economic Forum, with themes covering economic growth, global cooperation, digital transformation, climate action, inspirations from India, and gender parity, aims to foster thought-provoking discussions.
The forum brings together global experts, policymakers, industry leaders, and academia to address current global challenges.
"Growth is critical for supporting the livelihoods of people all around the world, especially in developing economies," stated Bajaj.
Bajaj said, "The CII Global Economic Forum, with the six themes of economic growth, global cooperation, digital transformation, climate action, inspirations from India and gender parity, will be a platform for thought-provoking discussions and will bring global perspectives from global experts, senior policymakers, industry leaders, and academia, among others, on current global issues and challenges.".
Sanjiv Puri, President Designate of CII, noted that India, as the fastest-growing economy globally, has the potential to leverage economic complexity for accelerated growth.
"India is the fastest-growing economy in the world today and can leverage the whole concept of economic complexity to usher in a faster trajectory of growth when the world is facing a multitude of challenges. This is an opportune time to look at how the world, and particularly India, can identify new vectors of growth to accelerate economic growth and prosperity for all," stated Puri.
He emphasized the opportune moment to identify new vectors of growth and prosperity amidst the myriad challenges facing the world.
The forum serves as a platform to explore these possibilities and gather diverse perspectives to shape India's economic trajectory.