TV Narendran

As economies across the globe navigate tariff wars, trade deals, and technological disruptions, India continues to stand out as one of the most resilient and promising major economies, turning threats into opportunities. But faster reforms, deeper manufacturing capacity, and investments in innovation will be critical to sustain its momentum, India’s top corporate leaders said at a panel discussion at the ET House in Davos.

“Relative to what’s happening in the rest of the world, the India story is becoming more and more resounding,” said Rajiv Memani, chairman and CEO of EY India and president of Confederation of Indian Industry (CII), pointing to India’s strong macro numbers, expanding trade agreements, and geopolitical positioning. he said India’s growing engagement with Europe, asia, and west Asia is building confidence beyond tariff-driven relationships.

manufacturing

The panel—which included Godrej Industries chairman Nadir Godrej,Bharti enterprises vice-chairman Rajan Mittal, and Tata Steel managing director T V Narendran—discussed the importance of strengthening India’s manufacturing base. Godrej emphasized that India can’t just rely on services; it needs to become a manufacturing powerhouse. He believes India has the potential to be a significant player in global supply chains, but it requires a focus on scale and efficiency.

“We’ve got to get serious about manufacturing,” Godrej said. “We can’t just keep relying on services. We need to create jobs in manufacturing, and we need to become a significant player in global supply chains.”

Mittal added that while India has made progress in improving its ease of doing business, more needs to be done to attract investment and streamline processes. He highlighted the need for consistent policies and a stable regulatory surroundings.

Narendran pointed out that the steel sector is witnessing strong demand, but infrastructure bottlenecks and high logistics costs remain challenges. He stressed the importance of investing in infrastructure to support manufacturing growth.

Innovation and Technology

The leaders also underscored the need for India to invest in innovation and technology to stay competitive. Memani noted that India is already a global leader in software and IT services, but it needs to expand its capabilities in areas like artificial intelligence, biotechnology, and renewable energy.

“India has a huge prospect to become a global innovation hub,” Memani said. “But we need to create an ecosystem that supports innovation, including funding for startups, strong intellectual property protection, and a skilled workforce.”

Mittal agreed, adding that India needs to embrace digital technologies to improve efficiency