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CHENNAI: India’s goal to become a five-trillion dollar economy by 2025 may have to be delayed by a few years due to the war in Ukraine and the disruptions caused by the Covid pandemic, said TV Narendran, MD and CEO, Tata Steel, at the 10th edition of the TNIE ThinkEdu Conclave in Chennai on Wednesday.
Speaking to Gautam Chikermane, author and vice-president, Observer Research Foundation, Narendran said that we must also consider that it took eight years for India to grow from one-trillion to two-trillion dollar economy and another seven years to reach three trillions.
Speaking about the measures taken by Tata Steel to overcome the pandemic, Narendran said they had strong processes in place to mitigate and respond to risks. “Though local demand was tepid, Indian steel companies, including Tata Steel, were able to export steel to China that helped the sector recover.”
When China recovered faster than other countries from the pandemic, it was a big opportunity for export. At present, we export about 10% to 15% of our produce to Southeast Asia, Europe, Middle East, the US and Europe, Narendran said.
Talking about steps needed to ensure that the Indian manufacturing industry grows at 15% CAGR (Compound Annual Growth Rate), Narendran said governments must ensure stability in policy to help companies cut down their operation cost.
He also said state governments and the Centre should work together on ease of doing business.
Businesses should invest in research and development and should also focus on skill development, Narendran said. Though the government does not create growth, it has a role to play in creating the conditions for growth, he added.
www.newindianexpress.com
Speaking to Gautam Chikermane, author and vice-president, Observer Research Foundation, Narendran said that we must also consider that it took eight years for India to grow from one-trillion to two-trillion dollar economy and another seven years to reach three trillions.
Speaking about the measures taken by Tata Steel to overcome the pandemic, Narendran said they had strong processes in place to mitigate and respond to risks. “Though local demand was tepid, Indian steel companies, including Tata Steel, were able to export steel to China that helped the sector recover.”
When China recovered faster than other countries from the pandemic, it was a big opportunity for export. At present, we export about 10% to 15% of our produce to Southeast Asia, Europe, Middle East, the US and Europe, Narendran said.
Talking about steps needed to ensure that the Indian manufacturing industry grows at 15% CAGR (Compound Annual Growth Rate), Narendran said governments must ensure stability in policy to help companies cut down their operation cost.
He also said state governments and the Centre should work together on ease of doing business.
Businesses should invest in research and development and should also focus on skill development, Narendran said. Though the government does not create growth, it has a role to play in creating the conditions for growth, he added.
$5-trillion economy goal may have to be delayed on war: TV Narendran
CHENNAI: India’s goal to become a five-trillion dollar economy by 2025 may have to be delayed by a few years due to the war in Ukraine and the disruptions cause
, not according to past record.
