Industry Must Step Out to Deal with Malaises Disturbing the Growth of MSMEs: Jagdeep Dhankhar

PHD Chamber of Commerce and Industry (PHDCCI) organised its 117th Annual Session on the theme of ‘India at 75: Celebrating India’s Pursuit for Self-Reliance’. Jagdeep Dhankar, Vice-President of India, was chief guest for the event. He appreciated the role of industry in India’s growth saying that the Industry alone can catalyze a wholesome development of human resource, especially from the younger demographics. There is a need to make a platform where every talented person gets opportunity to use his or her talent. The need for systemic utilization of resources, both human and natural can never overemphasized.

Dhankar also noted that affirmative steps being taken by the government as well as the industry have made India the fifth largest economy in the world today. One of the steps that make us proud, he pointed, is the start-up ecosystem which today boasts of 75,000 start-ups and 100 plus unicorns. He added that start-ups are becoming the game changers. No one knows better than the industry that their younger generations is getting out-of-the-box and meeting with success unheard of or imagined by the senior generation. It’s a culture that’s taking roots in the hinterlands, too.

The Vice President, however, noted that there is section that is belittling the success of India, which includes efforts of the industry, the farmers, MSMEs among others. He added that the industry must step out sometimes and deal with this malaise which is disturbing the growth story.

Piyush Goyal, Union Minister for Commerce and Industry, emphasised on how India has been able to shine as compared to other economies he said that the country continued to stay like a bright star in the world and has reined in the inflation numbers significantly compared to the rest of the world. “Growth is possible when we move out of the old dichotomies and be bold and open for the new, stated Consumer Affairs, Food & Public Distribution and Textiles, Government of India during the plenary session on the new post-pandemic world at the PHD Chamber of Commerce and Industry's (PHDCCI) 117th Annual Session 2022.”

Goyal stated that India’s growth story also emphasized that the Government mean business for the business in India and will continue to focus on Ease of Doing Business (EoDB), internal processes, and reduce burdens of compliances and certain laws on our businesses. He stated that the Government’s effort is to have single-window for the processes and approvals and not open any window behind the window.

Goyal added that our country, under visionary leadership of Prime Minister Narendra Modi, will be a USD 30-trillion economy by 2047 when we complete 100 years and we will be much more aspirational. The India growth story will be second to none in the world.

Pradeep Multani, President, PHDCCI, felicitated the Vice President, stating that India, in its 76th year of Independence stands as shining example of growth and stability amid the global crisis. It is at a point which gives the industry and especially the youth have an opportunity to contribute making an affluent India when it turns 100 in 2047 and stands as a leading nation on the strength of our economic performance and vibrant democracy.

He added that the New India will have numerous success stories to tell, demonstrate and sell to the world. He appreciated India’s recorded GDP growth rate for FY 2021-22 at 8.7 per cent. Also, talked about economy is showing strong resilience to the global geo-political shocks on the back of the strengthened macroeconomic foundations, led by efforts of the Government.

Pradeep Multani, President, PHD Chamber, stated that the post-pandemic world will be a playground for growth and innovation for consumer businesses - both Indian and global, established and emerging. He stated that it is the decade of technology and in the field of IT, India has become a force to reckon with globally. We have the competencies to contribute in this techade.