Commerce and Industry Resilience and Growth Strategies
Keynote
- Focus on Innovation: Highlighting the necessity to identify weak spots and focus on innovation to reduce dependence on any single geography.
- Weaponisation of Trade: Emphasizing the recent trends of trade being used as a weapon, stressing the importance of supply chain control.
- Rupee and Economic Growth: Despite the rupee slumping to ₹90.25 against the US dollar, India's economic growth is robust at 8.2% in the second quarter.
- Inflation and Reserves: Noting the lowest-ever inflation in recent months, with strong foreign exchange reserves.
- Positive Economic Indicators: Strong capital inflows, investments in infrastructure, and consumer spending are fueling economic positivity.
- Export Growth: Goods exports in November saw an increase, surpassing October's decline, demonstrating a stable economic footing.
Strategic Recommendations
- Supply Chain Management: Urging the industry to assess and secure supply chains to ensure survival and growth.
- Self-Sufficiency Emphasis: Identifying products where self-sufficiency is needed to prevent reliance on external sources.
- Twin-Edged Approach: Focus on areas with a comparative advantage while strategizing to decouple when necessary.
- Industry Collaboration: Encouraging domestic players to support each other to tackle external dependencies.
- Global Integration: Stressing the need for India to integrate with global markets and embrace openness.
Conclusion
Commerce Minister at the CII IndiaEdge 2025 underscores the importance of innovation, self-sufficiency, and global integration to ensure long-term economic resilience and growth amidst the challenges posed by the weaponisation of trade.
