Arvind Virmani of NITI Aayog discusses the growth of India’s manufacturing GDP
According to Arvind Virmani, a member of NITI Aayog, at a recent speech, India’s trajectory in terms of manufacturing GDP development differs from the rest of the world. At a gathering hosted by the Institute for Studies in Industrial Development (ISID), Virmani emphasized the need of fostering a competitive business environment. He noted that, in contrast to the rest of the globe, India’s manufacturing GDP had a unique trend, with a significant rise followed by a protracted plateau in recent years.
India’s stance during the previous ten years, which encompassed substantial policy changes in both the product and service sectors, was described by Virmani. Notably, these reforms have brought about changes within the public sector and institutions as well as vitality into the startup and entrepreneurial environment.
He emphasized the value of promoting a competitive economy while arguing for the removal of asymmetric information circuits and lower information barriers. According to the most recent official statistics, manufacturing now makes up around 17 percent of India’s GDP.
Virmani underlined that the government is crucial in delivering public goods, controlling externalities, fostering market competition and investment, guaranteeing welfare transfers, and strengthening all social groups across the board.
At the same time, he urged the private sector to do its part by engaging in competition, innovation, and investment. India’s dynamic comparative advantage in its demographic dividend, according to Virmani, represents a tremendous potential for the nation’s future progress.
Nagesh Kumar, the ISID director, also spoke at the occasion and emphasized that India is at a critical moment in which to evaluate its accomplishments since independence and lay out a course for the future. As a common goal, the idea of a developed India, or “Viksit Bharat,” by the year 2047 was emphasized.
