Mumbai — The ongoing trade negotiations between the United States and India may reach a significant breakthrough by the end of November, according to NITI Aayog CEO B.V.R. Subrahmanyam. Speaking at a media event on Friday, he said discussions are progressing steadily and remain on schedule.
“Hopefully, by the end of the month, we may hear some news on that front,” Subrahmanyam said.
He also announced that the National Manufacturing Mission is expected to become operational this month. The initiative will identify sector-specific clusters across 15 industries and 75 locations to support globally competitive manufacturing capabilities.
Subrahmanyam said India needs to raise its investment rate to about 35 to 36 percent of GDP in order to sustain economic growth in the range of 8 to 9 percent. The current rate is estimated at roughly 30 to 31 percent.
He described India as the “brightest spot in the global economy,” arguing that the country’s scale, market depth, innovation capacity and talent pool will continue to draw international engagement.
The NITI Aayog chief emphasized the importance of maintaining an open economy, policy stability and a major focus on skills development in order to reach developed-country status. “Even if other nations impose tariffs, India must stay a world-class, open economy,” he said.
Subrahmanyam called the National Manufacturing Mission the most significant announcement in the most recent Union Budget and said foreign investors are increasingly attracted to India for both market access and cost advantages. However, he cautioned that improving ease of doing business will require reducing bureaucratic hurdles, reiterating the principle of “minimum government, maximum governance.”
“If I had just one rupee to invest, I’d put it on skilling and education,” he added, noting that the average Indian student receives only six to seven years of schooling, compared to 13 to 14 years in countries such as South Korea. (Source: IANS)
