Deep factor reforms, global competitiveness key to achieving 'Viksit Bharat' By 2047: CII head R Mukundan
Mumbai, June 23
In a push toward India's ambitious economic transformation, Confederation of Indian Industry President R Mukundan stated that sharpening global competitiveness through deep structural reforms is essential for the nation to achieve its Viksit Bharat vision by 2047.
In an interview with ANI in Mumbai on Tuesday, Mukundan broke down the multi-layered roadmap required to safely elevate India's economy over the next two decades, with a sharp emphasis on implementing comprehensive factor reforms.
Addressing the key drivers needed to build a mature industrial base, Mukundan placed heavy emphasis on transforming the core variables of production - power, land, logistics, and infrastructure. He asserted that India's growth momentum hinges entirely on these domestic upgrades.
"Factor reforms require deep interventions in power, logistics, infrastructure, and land availability to support rapid industrial expansion," Mukundan noted, emphasizing that reducing friction in these areas directly lowers production costs.
To bypass federal bottlenecks and synchronize changes across states, the CII chief proposed a radical governance framework, calling for the establishment of a "GST-type Council" for cross-cutting subjects like agriculture and power.
This would allow both the Centre and the States to collaboratively make quick decisions, modernizing the factors of production under a unified structural umbrella.
Shifting focus to international trade, Mukundan highlighted that signing Free Trade Agreements (FTAs) is merely half the battle. The true differentiator for Indian corporate growth lies in what he termed Free Trade Utilization (FTU).
Using India's current trade realities as a primary example, he noted that domestic businesses must actively optimize existing trade channels, such as the one with South Korea.
"How do we promote Brand India? How do we reach out to South Korean customers? How do we get South Korean technology and investment back into India to ensure we have got the full utilization of these FTAs?" he asked.
Mukundan also flagged market access, technology adaptation, and access to credit as major hurdles facing Micro, Small, and Medium Enterprises (MSMEs) - the undisputed backbone of the Indian market. Delayed payments also continue to choke smaller businesses.
The CII is working directly with financial institutions to optimize credit delivery. Simultaneously, through its dedicated Centres of Excellence, the industry body is handholding smaller enterprises into smarter operational setups.
"We want MSMEs to benefit from smart manufacturing... helping them transition into smart, energy-efficient, and water-efficient factories," he explained.
As automation and digital tools rewrite industry playbooks, Mukundan pushed for a drastic overhaul in how India views workforce training, praising the New Education Policy's emphasis on vocational skilling.
He explained that training must prepare the youth to be "industry-ready." Rather than viewing Artificial Intelligence as a threat to employment, the CII President framed it as a core asset.
"As far as AI is concerned, I think AI will be a force multiplier. We have 1.4 billion people who need access to good healthcare, good education, and good services. AI can democratize access to high-quality solutions for every citizen."
Amidst shifting global dynamics, Mukundan identified massive emerging manufacturing windows for India in defense reconstruction, aerospace, and advanced electronics. To capture this capital, securing a trade bridge with the world's largest economy remains paramount.
Commenting on the ongoing progress of the highly anticipated US-India trade alignments, he kept the domestic industry's baseline expectation explicitly clear: "Whatever trade terms are finalized, India's exports to the US must receive terms and conditions that are better than, or at least equal to, our closest peer competitors. Nothing more."
Defining the relationship between the private sector and public policymakers, Mukundan underscored that a developed India cannot be built in isolation.
"The citizens, the industry, and the government are all equal partners in progress. We must collaboratively focus on making India the most competitive place in the world to do business. By maintaining a steady, unrelenting path of economic reforms, we will confidently achieve the vision of a Viksit Bharat by 2047."
— ANI
Reader Comments
Finally someone talking about MSMEs! My father runs a small unit in Gujarat and delayed payments are killing us. We need more than just "handholding" - we need faster legal recourse and lower interest rates. But I appreciate Mukundan acknowledging this. Hopefully CII walks the talk on credit access.
As someone working in a tech MNC in Bangalore, I agree AI will be a force multiplier. But we need massive investment in digital infrastructure - not just in cities but in tier-2 and tier-3 towns. Half of India still struggles with reliable internet. Viksit Bharat can't skip the basics.
Land reforms are the elephant in the room. Every factory needs land and every farmer fears losing their livelihood. We need transparent compensation and faster dispute resolution. The GST Council model worked for tax - let's see if it can work for land. Positive vibes but skeptical on execution 🇮🇳
FTA utilization is a great point. We signed so many FTAs but Indian businesses barely use them. The Korean example is spot on - we import Samsung phones but export low-value goods. Need to upgrade our manufacturing to actually benefit from trade deals. Make in India must mean Make for the World.
"Industry-ready" is a loaded term. NEP is good on paper but ground reality is different - schools still lack vocational training facilities and teachers are underpaid. AI can democratize education but only if we invest in hardware and training. Otherwise it's just another buzzword. Still, Mukundan's vision is ambitious!
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.