India Eyes 7% Growth: NITI Aayog’s Suman Bery Advocates Lower Tariffs for a Competitive Economy
New Delhi: Lower tariffs could be a key driver in propelling India toward a 7% growth rate while making its economy more competitive, said NITI Aayog Vice Chairperson Suman Bery. Speaking at the Business Standard Manthan summit in New Delhi, Bery emphasized that India should implement policies in its own interest rather than simply aligning with the United States.
“We should not act just because it suits the US. Instead, we must take steps that benefit our economy,” Bery remarked. He highlighted the importance of monitoring global financial shifts, particularly US dollar movements and bond yields, as India moves toward becoming the world’s third-largest economy.
Technology and Economic Sovereignty Take Center Stage
Ajai Chowdhry, co-founder of HCL, called for a sharper government focus on strategic technology, even proposing the establishment of a dedicated Ministry of Technology. “India needs a well-structured plan for semiconductors and quantum technology,” he stated.
Emphasizing the growing cybersecurity risks, Chowdhry warned, “Once quantum computing becomes mainstream, it will pose a massive threat to cybersecurity worldwide. Even small nations are making major investments in this space.”
AI, Jobs, and the Future of Work
Union Labour Secretary Sumita Dawra addressed India’s evolving job landscape, stating that the employment-linked incentive scheme was already in motion. “AI and digital advancements are expected to create new jobs, especially in IT, tourism, and healthcare. International workforce mobility will also play a role in job growth,” she noted.
Supporting this view, Radhicka Kapoor, a senior employment specialist at the International Labour Organization, pointed out that AI’s potential to enhance jobs could outweigh automation-related job losses. However, Hiranmay Pandya, All India President of the Bharatiya Mazdoor Sangh, stressed the importance of a human-centric approach to technological progress and the need for widespread upskilling.
Addressing the recent debate on a 90-hour workweek, Kapoor emphasized, “Work-life balance and safe working conditions must be a priority. Productivity should not be assessed in isolation from working hours.”
Agriculture: A Pillar of Economic Growth
NITI Aayog member Ramesh Chand reaffirmed India’s strength in agriculture, citing remarkable growth over the past decade. He acknowledged disparities in farm income but praised Punjab’s model for transforming agricultural productivity. “Despite challenges, Punjab demonstrates how farming can be structured to ensure higher farmer incomes than non-farming sectors,” Chand observed.
Investor Concerns Over Capital Gains Tax
The government’s capital gains tax policy is dampening investor sentiment, noted Samir Arora, founder and chief investment officer of Helios Capital. “The world’s biggest investors—sovereign funds, pension funds, universities, and high-net-worth individuals—are facing tax challenges in India, especially since they cannot offset these taxes in their home countries. Add forex risks to the mix, and this becomes a policy misstep,” Arora warned.
India’s Manufacturing Strength and Trade Strategy
Sunil Vachani, co-founder and chairman of Dixon Technologies, highlighted India’s manufacturing potential as companies seek alternatives to China. “We must delay reciprocal tariffs until a free trade agreement is in place. India has a massive consumer base, abundant skilled labor, and strong design capabilities. Given the right resources, our workforce can be among the most productive globally,” Vachani said.
Luxury and Tourism: India’s Untapped Potential
Hublot CEO Julien Tornare, visiting India for the first time, stressed the nation’s potential in the luxury market. “Luxury isn’t just about high-end products; it’s about accomplishment and happiness. Strengthening India’s tourism ecosystem will allow global visitors to experience not only its culture and heritage but also its brands,” Tornare said.
Renewable Energy: Local Supply Chains and Skilled Workforce Are Key
The panel on renewable energy featured Adani Green Energy CEO Amit Singh, Tata Power Renewable Energy CEO Deepesh Nanda, and Suzlon Group Vice Chairman Girish Tanti. Singh stressed the importance of localizing supply chains and developing a skilled workforce to accelerate progress in the sector.
The two-day Business Standard Manthan summit brought together policymakers, industry leaders, and entrepreneurs to discuss India’s economic trajectory, global competitiveness, and future challenges. As the country positions itself for accelerated growth, the focus remains on balancing technology, trade, taxation, and workforce development.
