Manufacturing focus & state partnerships are imperative for sustainable economic growth: Dr Shamika Ravi, Member, EAC-PM

Highlighting the role of states in fostering business-friendly environments, Dr Ravi emphasised their significant contribution to job creation and the overall economic well-being of the nation

Dr Shamika Ravi on sustainable economic growth India

In a significant address at the States’ Policy Conclave 2023 organised by PHDCCI in Delhi, Dr Shamika Ravi, Member of the Economic Advisory Council to the Prime Minister (EAC-PM), Secretary, Government of India, spotlighted India’s impressive growth trajectory amidst global uncertainties in recent quarters.

Dr Ravi underscored the diversity of India’s economy across its 28 states, emphasising the pivotal role of political institutions, state policies, and the manufacturing sector. She stressed the importance of a balanced economic approach, noting that transitioning from agriculture to services must include a focus on manufacturing, particularly with an emphasis on improving the Ease of Doing Business (EODB).

Highlighting the role of states in fostering business-friendly environments, Dr Ravi emphasised their significant contribution to job creation and the overall economic well-being of the nation. She addressed critical issues such as debt financing, interest burdens, administrative complexities, and long-term capital investments, affirming the non-negotiable nature of India’s growth.

In her concluding remarks, Dr Ravi expressed appreciation for the PHDCCI’s Conclave, acknowledging its focus on states and their pivotal role in driving India’s growth through progressive policies.

Following Dr Ravi’s address, Rajendra Ratnoo, Executive Director of the National Institute of Disaster Management (NIDM), Government of India, commended PHDCCI’s advocacy for industry and trade, particularly in addressing the concerns of MSMEs. Dr Ratnoo discussed competitive federalism, noting positive shifts as states engaging in competitive EODB witnessed growth through dynamic policy and technological changes. He highlighted the impact of timely policies like Atmanirbhar Bharat and Make in India, especially in supporting MSMEs during the pandemic.

Dr Ratnoo also addressed disaster resilience, emphasising NIDM’s collaboration with states to enhance national-level resilience. Proactive measures, including the establishment of a mitigation fund and a dedicated workgroup for disaster reduction, were highlighted. Dr Ratnoo urged states to align policies with disaster preparedness to safeguard investments and ensure the resilience of industry, infrastructure, and communities.

Taj Hassan, Director General of Fire Services, Civil Defence & Home Guards, Government of India, stressed the critical importance of an effective responder mechanism in disaster management. He highlighted the adoption of the Fire Bill by states, with substantial funds allocated for fire safety measures. Hassan urged states to enhance implementation, addressing gaps in digitisation and automation, and ensuring compliance with the National Building Code.

DPS Kharbanda, CEO of Invest Punjab, highlighted Invest Punjab as an end-to-end online system providing timely statutory approvals and efficient feedback mechanisms. Recognised as India’s top-performing investment promotion agency, it has attracted substantial investments of around 58 thousand crores over the past 1.5 years, providing significant business and employment prospects.

Dr Ranjeet Mehta, Executive Director of PHDCCI, emphasised the crucial role of states within India’s federal structure in achieving the 5 trillion-dollar economic goal. States, recognised as engines of growth, are primary hubs for industrialisation. Dr Mehta highlighted the need to progress startups from major cities to tier 2 and 3 cities for India’s overall advancement. As India aims to become a 2 trillion-dollar exports economy by 2030, a PHDCCI report identifies 75 products from various districts, aiming to diversify into untapped markets.

The conclave also witnessed the unveiling of the research report titled ‘Progressive States, Progressive India,’ providing valuable insights into the pivotal role of states in driving India’s economic advancement. The event featured sessions on international and state outreach, including a panel discussion addressed by notable figures such as Amb Dr Shankar Prasad Sharma, Ambassador of Nepal to India, and Prem Shankar Jha, Veteran Journalist & International Affairs Commentator, among others.

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