India is passing through an unprecedented health crisis and yet another economic challenge. However, the loss of economic momentum is not as severe as last year. As vaccination gains speed, the second half is expected to be strong. The objective, both for the Government and for the Industry remains the same – to achieve double digit growth.
The CII theme for 2021-22 – Building India for a New World: Competitiveness, Growth, Sustainability, Technology – would essentially aim towards bringing the entire ecosystem to work in partnership. In the Eastern Region (ER), CII will be assimilating the national theme and dovetail it to focus on areas that are critical for the growth in the region. Keeping this in mind, CII ER would be focusing on integrating the growth potential of the five states comprising Bihar, Chhattisgarh, Jharkhand, Odisha and West Bengal. CII ER will channelize the strengths of the region towards ‘Building Eastern India’ by integrating the 5 I’s – Image, Innovation, Infrastructure, Investment and Inclusiveness. A digitally empowered society would be the key to a quick growth of the region. The objective of the eastern region’s theme on innovation is to bring a change through technology; create new unicorns; add value to the existing strength for a strong design and technology background for next generation and improve industry-academia knowledge.
To bring a global focus in the East, CII ER would need to work on building a new image that would place it as a hub for growth, industry-connect, investment, ease of doing business and connectivity. CII ER is looking to position the region by setting in motion the business cycle for creating a strong eco-system which will make this part of the country the favored destination of entrepreneurs. Due emphasis would be given to build a sustainable Brand East through various initiatives and working closely with all stakeholders.
The other strong focus in the region would be to ensure a sustained revival and strengthening of economic fundamentals. Infrastructure is critical for this and the focus will be on creating a convergence of integrated infrastructure growth in the region – tapping in the locational advantage of the region in terms of developing a hub-spoke format for roads, ports, airports, inland waterways systems and integrating them with development of multi-model logistic parks. The region also plans to work towards creating a world-class EV infrastructure.
The essential goal is to bring together new economic activity; create jobs & livelihoods and encourage entrepreneurial ventures & technology start-ups to attract top investments, both local and international. CII ER will promote the possibility of positioning the region as the hub for business and economic growth in the country as a key catalyst for inviting funding agencies, investment banks, multilateral banks, development banks, angel funds, among others to link up with the hitherto untapped natural and demographic resources of the region.
To promote the overall sustainable growth, CII ER will keep inclusiveness at the forefront of each initiative; strategize for improved production and distribution capacity; explore ways to increase income level in rural areas and augment knowledge sharing; provide greater access to markets and technology to the agri sector for farmers to maximize their returns on labour and products; minimize the depletion of natural resources when creating new developmental projects; provide methods for retrofitting existing developments and to make these projects environment-friendly.
The agenda of the CII ER through its theme, and as aligned to the national theme would be to create a fresh playing field for Eastern Indian Industry, academia, rural enterprise, and society as a whole to benefit through the 5 I’s of growth. The action plan will be implemented through state councils, zonal councils, sub-committees and task forces. They will play a catalytic role in facilitating the smooth operation of multiple stakeholders in the state during such extraordinary times towards achieving the set goals.
The article by Mr Vijay Dewan, Chairman, CII Eastern Region and Managing Director, Apeejay Surrendra Park Hotels Ltd. first appeared in the June 2021 issue of CII Communique. Click here to read the issue.