India’s G20 Sherpa and former Niti Aayog CEO Amitabh Kant at the CII Southern Region Annual Regional Meeting, in Bengaluru on March 21, 2024.
Bengaluru is the key engine of India’s growth story and the city drives the country with its energy, vibrancy and dynamism, according to Amitabh Kant, India’s G20 Sherpa and former CEO of NITI Aayog.
‘’It’s always a pleasure to be in Bengaluru because it’s the key engine of India’s growth story. It’s the driver with a lot of energy, vibrancy and dynamism, which is seen across India,’‘ he said while addressing industry captains at a conference on ‘The Deccan Conversations, Accelerating Our Growth Story’, organised by the Confederation of Indian Industry (Southern region) in Bengaluru on March 21.
According to Kant, the introduction of Goods and Services Tax, the insolvency and bankruptcy code, and the Real Estate Regulation Act (RERA) have helped accelerate the pace of India’s economic growth. He said the government’s push for ease of doing business by eliminating around 1,500 laws, was something big, and the Startup India movement impacted in creating 125,000 startups and 115 unicorns from 150 start-ups a decade ago.
Kant said the country cannot grow on the back of only the Union Government. Instead, all its States have to bring in growth. “If all States grow, India grows. Therefore, it is very important that it is not merely that the southern part of India grows at more than 10% plus, but the northern part, the eastern part and the western parts grow and carry out vigorous reforms to push growth in India.’‘
He urged State Governments to undertake radical reforms to ensure there is high growth in the economy.
Kamal Bali, Chairman, CII Southern Region & President & Managing Director, Volvo Group India, said, “In 2024, India, being the world’s largest democracy, its 1.4 billion people are in the right place at the right time, with the right people to write history. That would be the country’s future.
‘’It is at this moment where our confidence and capacity to dream bigger, bolder, and better has now been captured with Viksit Bharat to make India a $30 trillion economy by the year 2047, and the per capita income to $18,000 by 2047. The next five to six years leading into 2030, therefore, are going to be very important in our journey. They are going to set the tone, tenor, and the pathways for our journey towards that goal.”
On the occasion, CII announced new office-bearers for the southern region. Dr. R. Nandini, Managing Director, Chandra Textiles Private Limited has taken over as Chairperson of CII Southern Region for the year 2024-25. Thomas John Muthoot, Chairman & Managing Director, Muthoot Fincorp Limited, has taken over as Deputy Chairman of CII Southern Region for the year 2024-25.
