Ideas of India 3.0: Manufacturing Sector Should Contribute Quarter To India's Economic Growth, Says Anish Shah

Ideas of India 2024: Anish Shah highlighted the imperative for industries and enterprises to contribute significantly to national growth and economic prosperity

Anish Shah projected that over the next seven years, India's GDP growth could match that of the entire EU combined, underscoring the immense potential for growth.

Source : ABP Live

Mumbai: In a bid to propel India towards its ambitious goal of becoming a $30-trillion economy by 2030 and achieving the status of a developed nation (Viksit Bharat), Anish Shah, managing director and CEO of the M&M group, underscored the crucial role of the manufacturing sector. Speaking at the third ABP Network's 'Ideas of India Summit 3.0', Shah highlighted the imperative for industries and enterprises to contribute significantly to national growth and economic prosperity.

During the event, attended by policymakers, cultural ambassadors, industry experts, celebrities, and business leaders, Shah outlined India's aspiration for robust economic expansion. He projected that over the next seven years, India's GDP growth could match that of the entire European Union combined, underscoring the immense potential for growth.

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He said, "India envisions to be a 30-trillion economy by 2047 to be a Viksit Bharat. This means manufacturing should be 25 per cent of GDP... We should be more ambitious and make manufacturing grow 16 times and exports grow 11 times."

The Mahindra chief commended the interim Budget's prioritisation of economics over politics, applauding the adoption of fiscal discipline and increased investment in capital expenditure. Additionally, Shah lauded the Reserve Bank of India’s (RBI’s) efforts in containing inflation and highlighted the massive infrastructure development underway to enhance India's manufacturing competitiveness.

During his address, Shah pointed out the dual impact of cutting-edge technology on the workforce, highlighting both its efficiency and the resultant layoffs. He said that while the emergence of advanced technology like Artificial Intelligence (AI) has led to concerns over widespread job displacement, it also presents significant opportunities.

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The ABP Network's 'Ideas Of India Summit', taking place on February 23 and 24, aims to delve into 'The People's Agenda' and analyse the various dimensions of the upcoming elections in the world's largest democracy. The summit, a flagship initiative of ABP Network, provides a platform for comprehensive discussions on India's societal and governance intricacies, featuring renowned figures from diverse sectors.

Among the distinguished guests expected to attend the ABP Network's Ideas of India Summit 3.0 are British MP Suella Braverman, Congress MP Shashi Tharoor, Indian-American author and model Padma Lakshmi, artist Subodh Gupta, author Amish Tripathi, actor Kareena Kapoor Khan, chairperson of the Finance Commission Arvind Panagariya, political scientist Sunil Khilnani, former Jammu & Kashmir CM Omar Abdullah, and many others.

The previous two editions, with their themes 'Naya India' and 'Open-Minds Open Minds', were successful in bringing out the ideas and concepts that drive India, and the third edition promises to be nothing less.