To counter the global demand slowdown, India should target rural demand at home by investing in agriculture, irrigation and rural infrastructure, said Sumit Mazumder, President, Confederation of Indian Industry (CII). Mazumdar expressed his views after interaction with the Prime Minister Narendra Modi. He was participating in the meeting on opportunities for India in the global scenario called by the Prime Minister on today.
He added that CII’s new Startup Centre would contribute to the Prime Minister’s call of ‘Start Up, India; Stand Up, India.’
Terming the interaction with the Prime Minister as very productive with substantive outcomes, Mazumder said, “The Prime Minister encouraged industry to explore opportunities in the context of unfolding global economic conditions and offered all support.”
Global economic conditions are undergoing volatility and uncertainty, following stock market upheavals in China, devaluation of Yuan and slowdown in growth in many economies.
India benefits in terms of lower global commodity prices but would increasingly have to rely on domestic demand for sources of growth. Mazumder stressed that investors are noting progress of economic reforms in India. The two biggest issues are reviving demand and introduction of GST for adding economy-wide competitiveness. “It is important that India does not get clubbed with other emerging economies. India’s economic fundamentals and current performance are superior to its peers”, said Mazumder.