No reform complacency, to ensure macro stability: Shaktikanta Das

NEW DELHI: Govt is steadfast in pursuing reforms along with policy certainty, which will ensure that India not only maintains macroeconomic stability but also emerges as a globally competitive economy, principal secretary to PM Shaktikanta Das said Monday, while listing out seven strategies that the corporate sector may adopt to build resilience.

Addressing the CII annual meeting, Das, a former RBI governor, listed out several reform initiatives that have already been taken, apart from steps to enhance strategic self-reliance - from rare earth permanent magnets to critical minerals and ship building, while asserting that several more steps are in the pipeline. "What is more important in India's journey towards Viksit Bharat@2047 is that there is no reform complacency and govt remains steadfast in pursuing the reform agenda."

He stressed that Indian businesses should undertake "strategic reorientation" in the evolving global economic order. Das said in today's world of geo-economic fragmentation and supply chain disruptions, the world of corner solution is increasingly becoming less efficient.

"It is now evident that no single supply chain remains the cheapest, safest and predictable on a sustained basis. In this context, it's resilience maximisation, which is increasingly replacing cost minimisation as a priority for businesses. It can be highly cost-effective in the long-run."

He suggested that India Inc should build organisational resilience, strengthen balance sheets, build new supply chains, reskill manpower, diversify into new markets, invest strategically for future readiness and step up R&D spend.

Das also said that recent FTAs are expected to enable our firms to scale faster and integrate into the global value chains as the modern FTAs go beyond goods and unlock gains in services, digital trade and professional mobility.

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