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Tuesday, 27 September 2022 06:44 GMT

Investment In Research Key To Future Success Of Indian Industry: DPIIT Secy

(MENAFN- KNN India) Investment in research key to future success of Indian Industry: DPIIT secy

New Delhi, Sept 23 (KNN) Industry in the coming decades will be driven by research, innovation and sustainability and those firms that invest in these areas recognising their vast potential will turn out to be the leaders, said Anurag Jain, secretary, Department for the promotion of industry and internal trade (DPIIT).

While addressing an event of the Public Affairs Forum of India, Jain highlighted that several groups within the government are working on the 'Vision 2047' for the country.

“The most realistic scenario says that today we are USD 3.2 trillion economy, by 2047 we will be USD 32.8 trillion economy, 10 times of the current size in these 25 years,” he said.

Speaking at the event, a senior government official said that the western world is broadening the ambit of its non-tariff barriers (NTBs) and Indian industry has to continuously prepare itself for any such scenario.

Jain further opined that, earlier some nations used to talk about stringent labour laws and sustainability, but now they not just seem to be talking about issues like human rights but they also want to link them to business and trade.“So, we also have to be ready to keep an eye on that,” he added.

On the Independence Day, Prime Minister Narendra Modi had called for a solemn pledge to turn India into a developed country by 2047. (KNN Bureau)


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