Investment growth is essential for the long-term success of any industry, as it enables businesses to stay competitive by improving efficiency, increasing productivity, and creating new opportunities. It also stimulates economic growth and job creation, as investment generates demand for goods and services, leading to higher revenues and profits, which in turn can be reinvested back into the industry.
Investment growth is influenced by a range of factors, including market conditions, economic policies, technological advancements, and investor confidence. The challenges from the pandemic and other geopolitical disruptions have been countered, to an extent, by the positive growth witnessed recently. India became the 5th largest economy in the world, overtaking the United Kingdom.
India post-pandemic has emerged as a reliable node for the global supply chain. Global businesses must consider incorporating India into their trade and investment strategies to diversify their sources of goods as well as access the Indian market. 2023 brings with it hopes and expectations that economic activity, which has started showing visible signs of recovery, would grow stronger and take us to a higher growth orbit during the year.
The Shift in Global Value Chains
Global value chains (GVCs) are under transition. Three major factors driving this shift are emerging technologies; climate change and the imperative of environmental sustainability; and the reconfiguration of globalization, with the pandemic and geopolitics acting as a major accelerator.
As global companies adapt their manufacturing and supply chain strategies to build resilience, a window of opportunity has opened for new destinations to emerge as manufacturing hubs of choice. India post-pandemic has emerged as a reliable node of the global supply chain. Global businesses are considering incorporating India into their trade and investment strategies to diversify their sources of goods as well as access the Indian market. In its favour are the potential for significant domestic demand, the government’s drive to encourage manufacturing and a distinct demographic edge.
To accelerate this process, India has been in talks with several partner nations for economic agreements that will reduce tariffs and address non-tariff barriers, both for goods and services. This is an opportunity that Indian states must capitalize on. India’s G20 Presidency has put the country on the on the global stage and CII’s role as the B20 Secretariat is crucial of positioning Indian industry on a global platform. Thus rises the need for a package of incentives, responsive governance, improved infrastructure and logistics, reduced tariffs, and seamless facilitation of imports and exports by Indian states.
Initiatives on Promoting Investment Growth in Eastern India
Defining investment growth through image, technology, infrastructure, and sustainability in the eastern part of India is crucial for the region’s integration into the global value chain. Such integration will spur economic growth, promote technology enhancement, infrastructure development, environmental protection, social and economic equality, and political stability.
CII Eastern Region is organising a conference coinciding with its Annual Regional Meeting on 23 March 2023 in Kolkata. The conference will focus on “Investment Growth through Image, Technology, Infrastructure and Sustainability in the East: Integrating to the Global Value Chain”.
The key deliberations at the conference will focus on:
India Leading Future Globalisation – India is already the fastest-growing large economy for the past three years and is expected to contribute 15% of world growth in 2023 according to the IMF. India presents huge potential and opportunities as an export hub and investment destination in the manufacturing and services space. India’s recent trade agreements are aimed at integrating the manufacturing sector with the global value chains. The government needs to focus on boosting sectors with strong linkages with multiplier effects. While India has undertaken the G20 presidency with effect from December 2022, CII as the B20 India Secretariat is driving the global business agenda.
Role of Gender Diversity in Redefining Future Growth – At the heart of discussions surrounding the future of work, skilling and mobility lies inclusion of women and other genders into the workforce. World over, governments and businesses have worked in tandem to include more women in leadership, which had been missing for various reasons. Retaining women in the workforce is an area many companies have been trying to work on actively. This session would focus on some important aspects of having more and more women in the workforce.
This would be an attempt to deliberate on the role of the government and industry and establishing linkages between B20 countries to accelerate growth towards inclusive development and contribution to solutions for challenges that the world faces today. The senior thought leaders and decision makers would come together to deliberate on the next level strategies that can help to increase the contribution of the states of eastern region to the overall growth and nation which in turn help in creating the ecosystem for the growth.
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