India’s FTAs to open immense international engagement opportunities: CII President

Re-calibrating global supply chains provides India Inc a chance to firmly establish itself in the international arena

May 12, 2022

India’s research and development (R&D) spending share is 37%

The collaboration between industry, academics, and research institutes is a crucial and India must increase its R&D expenditure

The development of industries that cater to the country’s digital revolution will be an integral part of the India@100 campaign

Proactively exploring all markets and sectors is the right approach to drive a further positive change in the nation: TV Narendran

India’s new free trade agreements that have been signed with key overseas market partners will open up immense international engagement opportunities, as per TV Narendran, the president of the Confederation of Indian Industries (CII). At the ‘Being Future Ready Business Summit 2022’, Narendran mentioned that proactively exploring all markets and sectors, is the right approach to drive a further positive change in the nation.

He also stated that recalibrating global supply chains provides a chance for India Inc to firmly establish itself in the international arena, while also expanding its worldwide presence.

The collaboration between industry, academics, and research institutes is crucial and the country must increase its expenditure on research and development (R&D). The share of R&D spending in India is 37%, compared to 80% in South Korea, and 77% in China.

Another spokesperson of CII mentioned that the development of industries that cater to the country’s digital revolution, including fintech and e-commerce, will be an integral part of the India@100 campaign. To signify a century of independence from British rule, the country has set numerous goals to be achieved by 2047; this plan is termed India@100. 

The significance of employees, particularly the informal and contractual workforce, combined with the need for gender equality and increased fairness and inclusion in workplaces was also highlighted.