India Economy Robust On Strong Domestic Demand, Services Exports: N Chandrasekaran

New Delhi, Oct 5 (KNN) India is in a stable and strong position, supported by robust domestic demand, strong services exports and a favourable policy environment, Tata Sons Chairman N Chandrasekaran said on Monday.

Speaking at the Indian Foundation for Quality Management (IFQM), Chandrasekaran said high-frequency indicators such as automobile sales and cement demand reflected the resilience of the Indian economy despite global uncertainty.

“Our economy has been doing well, has been posting the highest growth in an uncertain, difficult world,” he said, adding that the overall economy is quite robust.

India’s External Position Remains Resilient

Chandrasekaran said India's external position also remained resilient, with the current account deficit consistently below 1 per cent of GDP, strong exports and foreign exchange reserves of USD 785 billion.

He said sustaining growth would require greater focus on energy security, manufacturing and human capital, reported CNBC.

“Energy security must be ensured; it will be fundamental for growth,” Chandrasekaran said.

Manufacturing Needs Shift Towards Higher-Productivity Jobs

On manufacturing, he called for creating more jobs in advanced and precision manufacturing and shifting workers from low-productivity agriculture to higher-productivity manufacturing and modern services.

While assembly-led growth would help expand the MSME base, India must gradually build end-to-end manufacturing capabilities through higher investment in research and development, innovation and skilling, he said.

Quality, Skills Key To Strengthening Manufacturing

Citing global examples, Chandrasekaran said quality had played a key role in strengthening manufacturing competitiveness in countries such as Germany and through companies such as Toyota.

He also stressed greater investment in education and skill development, saying India needs a strong ecosystem of skilled professionals and experts alongside leadership in large companies.

Chandrasekaran said Prime Minister Narendra Modi's Viksit Bharat 2047 vision would require inclusive and sustainable development supported by world-class infrastructure, institutions and intellectual property.

(KNN Bureau)