With a 7%-plus GDP growth rate for the third consecutive year in FY24, India sits on the cusp of advancement while facing several challenges. While this may not be straightforward, India has demonstrated it can manage challenges better than most large economies. Combining industry-ready talent with regulatory support, including PLI schemes and plug-and-play research hubs, which pool resources and share knowledge with MSMEs, can help position India at the forefront of innovation. This would have multi-pronged benefits like improving productivity, driving indigenous manufacturing , and creating new products and services for India and the world. India is well-positioned to leverage opportunities emerging from the global supply chain diversification.

Source: Economic Times June 13, 2024 05:40 UTC