New Delhi, October 29 (IANS). NITI Aayog Vice Chairman Suman Berry on Wednesday said the next industrial revolution will be defined by industries like green hydrogen, electric mobility, semiconductors and advanced materials and this industrial revolution should be led by India.
Speaking at a conference organized by the Institute for Studies in Industrial Development (ISID), Berry said that India should take the example of China regarding industrial development and prepare a different and special path for itself.
He said the next phase of India’s industrial policy will need to focus on inclusion and adaptability.
Emphasizing his point, he said that in the next phase of reforms, priority should be given to development of strong supply chains, quality standards and skill ecosystem. This will provide opportunities for small enterprises to expand and integrate into global production networks.
Berry said the next phase of India’s industrial strategy should be state and district-led, with the creation of regional industrial clusters.
He said that while India has made progress in large-scale reforms, the next leap will depend on the integration of small and medium enterprises into global and domestic value chains through standards, logistics and skills.
Berry said that industrial transformation should result in employment opportunities and higher incomes for Indian citizens.
“The manufacturing sector has the highest number of backward and forward linkages among all productive sectors, so it can be an engine to drive growth and job creation,” said Nagesh Kumar, director of ISID and member of the Monetary Policy Committee.
Kumar cautioned that new challenges remain in this era of geopolitical uncertainty arising from the increase in US tariffs.
Regarding India, he said that the country should take advantage of its huge domestic market. Also, the country will have to increase integration with the global supply chain by diversifying its export markets through FTAs.
–IANS
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