FICCI shares in­dus­try's view on econ­omy with Sym­bio­sis stu­dents

FICCI Business Digest - - News -

The In­dian econ­omy needs to grow at 10 per cent plus to al­le­vi­ate the twin chal­lenges of un­der-em­ploy­ment and unem­ploy­ment. This clear mes­sage was given by Sid­harth Birla, Past Pres­i­dent, FICCI and Chair­man, Xpro India on Fe­bru­ary 21, 2017 in New Delhi while ad­dress­ing a group of post­grad­u­ate stu­dents from Sym­bio­sis School of In­ter­na­tional Stud­ies (SSIS), Pune. The group, which was on a study tour to Delhi, con­sisted of stu­dents from di­verse aca­demic back­grounds and na­tion­al­i­ties. A ses­sion with FICCI was, ac­cord­ing to Am­bas­sador Talmiz Ahmad, For­mer Am­bas­sador to Saudi Arabia, Oman and UAE and Dis­tin­guished Fac­ulty at SSIS, es­sen­tial to com­pre­hend the in­dus­try per­spec­tive on the econ­omy front.

Sid­harth Birla, a vet­eran in­dus­try player, em­pha­sized on some fun­da­men­tal con­cerns im­ped­ing the growth of the In­dian econ­omy, namely sus­tain­abil­ity of agri­cul­ture sec­tor - the largest em­ploy­ment gen­er­at­ing in­dus­try, sus­te­nance of liveli­hood in India's in­for­mal sec­tor, mit­i­ga­tion of un­der­em­ploy­ment be­sides unem­ploy­ment and the need for ad­e­quate in­vest­ment gen­er­a­tion in line with the con­sump­tion pat­tern - lately re­duced on ac­count of de­mon­e­ti­za­tion. It is well known that the agri­cul­ture sec­tor is India's largest pri­vate in­dus­try and the high­est em­ploy­ment gen­er­at­ing seg­ment of the In­dian mar­ket. Sim­i­larly, the in­for­mal sec­tor is India's largest sup­port sys­tem and should be pre­served in the larger in­ter­est of the econ­omy. India is also blessed with a higher in­verse de­pen­dency ra­tio and there­fore there is an in­her­ent need to tap the po­ten­tial of the grow­ing work­ing age pop­u­la­tion to reap a size­able de­mo­graphic div­i­dend. Birla cat­e­gor­i­cally rec­om­mended to the stu­dents to re­fer to the lat­est Eco­nomic Sur­vey of India for the year 2017-18 that un­der­lines the na­tional pri­or­i­ties of the coun­try.

On the global front, India has been able to en­hance the en­gage­ment with the world at large in the back­ground of its ex­pan­sion­ary poli­cies and lib­er­al­i­sa­tion ini­tia­tives. Am­bas­sador Ahmad nar­rated in­stances of for­eign in­vest­ments flow­ing in India's eq­uity mar­ket from Abu Dhabi, re­in­forc­ing global in­vestor con­fi­dence in the econ­omy. While the In­dian econ­omy has been able to sus­tain the global un­cer­tain­ties from time to time in the back­ground of its strong macroe­co­nomic fun­da­men­tals, the stu­dents were cau­tioned against the emerg­ing risks of fluc­tu­at­ing global oil prices, cap­i­tal out­flows from India and ris­ing in­fra­struc­ture costs that is hin­der­ing the do­mes­tic in­dus­trial growth. Ul­ti­mately, India's global en­gage­ment de­fines its do­mes­tic pat­tern of de­vel­op­ment.

Therein lies the need for a co­or­di­nated ap­proach among all rel­e­vant stake­hold­ers from the gov­ern­ment, in­dus­try and academia. Ap­plaud­ing FICCI's ini­tia­tives as the largest in­dus­try voice for pol­icy change in India, Birla high­lighted FICCI's work on thought lead­er­ship, mem­ber­ship en­gage­ment and pol­icy ad­vo­cacy that strengthen syn­er­gies among the stake­hold­ers. Ul­ti­mately, India's growth and de­vel­op­ment lies in spear­head­ing co­or­di­nated ini­tia­tives do­mes­ti­cally and glob­ally. The proac­tive role played by the In­dian in­dus­try dates back since the pre-independence pe­riod of 1940s when a pol­icy doc­u­ment ti­tled 'Plan for Eco­nomic De­vel­op­ment of India' or the Bom­bay Plan - a brain­child of eight lead­ing In­dian in­dus­tri­al­ists, was soon de­cid­ing the course of the In­dian econ­omy. Birla con­cluded the in­ter­ac­tive ses­sion by ex­press­ing con­fi­dence in the gov­ern­ment and in­dus­try's con­tin­u­ous en­gage­ment in al­le­vi­at­ing India's eco­nomic chal­lenges.

Breef­ing ses­sion of Post Grad­u­ate stu­dents from SSIS.

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