India Has Huge Potential in Global Value Chains, Says CII President Sanjiv Puri

Puri emphasized that to effectively enter GVCs, India needs to take deliberate measures in the near future.
CII President Sanjiv Puri, global value chains, india rank in global value chains, CII President Sanjiv Puri statement, indian economy, india

India Has Huge Potential in Global Value Chains, Says CII President Sanjiv Puri (Image Source: Times Now Digital)

India's participation in global value chains (GVCs) is still small, but the country has significant opportunities to expand, according to Sanjiv Puri, President of the Confederation of Indian Industry (CII) and Chairman and Managing Director of ITC Ltd.

What Sanjiv Puri Said?

Speaking at an event in the capital on Thursday, Puri highlighted that 70 per cent of global trade happens through GVCs. He noted that global supply chain diversification trends are favorable for India.
"China Plus One is a crucial strategy as 70 per cent of global trade occurs in GVCs. We are making progress, although it is early days. With a 1.5 per cent share in GVCs, India has tremendous room to grow," Puri said.

What Sanjiv Puri Suggest?

Puri emphasized that to effectively enter GVCs, India needs to take deliberate measures in the near future.

Key Focus Area As Per Sanjeev Puri

Key areas of focus should include innovation, intellectual property (IP), and research and development, which are essential for boosting value addition in the economy.

Creation Of Global Trade Promotion Organisation

As the new President of CII for 2024-25, Puri also called for the creation of a global trade promotion organization with dedicated officers placed overseas, similar to what other developed economies have done.
CII Projection On Indian Economy
The CII projects the Indian economy to grow by 8 per cent in the current fiscal year. The industry body’s sectoral growth forecast for 2023-24 to 2024-25 includes a growth range of 1.4 per cent to 3.7 per cent for agriculture, 9.3 per cent to 8.4 per cent for industry, and 7.9 per cent to 9 per cent for services.
    Pawan Kumar author

    Pawan Kumar is a Copyeditor for the business vertical of Times Now Digital. With a keen eye for impactful business news, he specialises in financial m...View More

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