Industrialist Kumar Mangalam Birla at India Summit 2018. Photograph:( WION )
The theme for India Summit 2018 this year was "States of the Nation", placing the spotlight on the role states must play in driving the national economic and social agenda.
US President Donald Trump's protectionism has got India Inc worried. Amidst the challenges global economies are facing and the uncertain environment, business leaders and politicians gathered together in Mumbai at India Summit 2018 on Thursday to discuss the way forward.
At the summit, corporate leaders deliberated upon challenges world's sixth largest economy India is facing and how to turn those into advantages.
Corporate India sees the global trade wars as a threat and fear that it can lead to global recession.
"I am great believer of the free trade, and I think it promotes global growth. However, if there is unfair practices then we need to protect ourselves," said Adi Godrej, Chairman of the Godrej Group.
But at the same time, the problems in Indian economy can't be overlooked. Skilled workforce is a problem corporate India is grappling with. Though the reforms undertaken by the BJP-led NDA government including Goods and Services Tax (GST) are lauded by the businessmen and industrialists, the problems are now being faced on ground in implementation of the recent reforms.
But despite the challenges, India is expected to register a healthy growth.
“We will grow between 7.3-7.5%. We are operating at full capacity,” said Kumar Manglam Birla, Chairman of Aditya Birla Group.
“The ease of doing business initiative is making a difference. When we talk to people in Centre, they are very focussed. The execution has to happen at state level; it’s currently a mixed bag, there is little or no co-relation,” said Anand Kripalu, MD, Diageo India
The theme for India Summit 2018 this year was “States of the Nation”, placing the spotlight on the role states must play in driving the national economic and social agenda. Keeping the state of the economy in mind, experts agreed the competition among the states on ease of doing business ranking has brought about a considerable change in the way states deal with businesses and entrepreneurs.