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Press Releases

India is aiming for a quantum jump in growth: Piyush Goyal

23 Sep 2021

Despite the challenges of covid, India now stands at the beginning of a new journey of robust economic bounce back, says Mr Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles. Addressing the 48th National Management Convention of All India Management Association (AIMA), the minister said, "By re-engineering our processes and aligning to global standards, and creating new avenues for employment, India is aiming for a quantum jump in economic growth."

The minister said that the GDP growth was back on track and it will continue to grow strongly, as FDI inflows were growing tremendously and the exports were at all time high. He pointed out that India's merchandize exports this financial year, till August, had touched an unprecedented $165 billion, up 67% from the same period last year and up 23% from the previous year which was not affected by covid.

Mr Goyal lauded India's managers across business, bureaucracy, political leadership and social organizations for their performance during the covid period and appreciated AIMA for its contribution to developing and shaping India's management capability. He said that the ideas generated during the National Management Convention would provide valuable inputs to make India the hub of the world, not only in manufacturing but also in management.

The minister said that the government is rethinking the past processes and realigning to newer ideas. "We are moving from over dependence to self reliance...and our mindset is changing from what others are doing to doing what is right for our citizens," he said.

Mr Goyal said that India's target of a $5 trillion economy was only the first stage. He emphasized that the government wants to make India a superpower that engages with the rest of the world from a position of dominance and strength and not from a position from where it looks up to the world. "The world is looking at India to play a leadership role in the post-covid world," he said.

Talking about India taking over the presidency of G20 next, the Minister said that it would reflect India's leadership potential of international fora. Starting with the Dubai Expo next month, India will play a role on several global platforms, he pointed out. "These opportunities will help India showcase our capabilities and our contemporary thinking," Mr Goyal said.

Mr Harsh Pati Singhania, President, AIMA and Vice Chairman & Managing Director, JK Paper Ltd said that the 20% growth in the first quarter was a tremendous achievement under the circumstances. He thanked the minister for recently assuring the industry that there will be consistency in economic policies and reforms, which were critical for big investment decisions. He also lauded Mr Goyal for his efforts to forge trade deals with other important economies, as sustaining a high economic growth rate required Indian companies to sell globally.

Mr Sanjay Kirloskar, Convention Chairman and Chairman & Managing Director, Kirloskar Brothers Ltd said that the business and consumer confidence will return if the coming festive period passes without a major covid spike. "In that case, we can look forward to a period of robust rebound in economic activity in 2022," he said. He added that it was also the best time for Indian companies to insert themselves into global supply chains, as India, like China, offers a vast labour force and a huge domestic market. However, he added, to become a supply chain powerhouse, India needs the global buyers and suppliers to invest in India and Indian companies need to build their technological and process prowess.

Mr C K Ranganathan, Senior Vice President, AIMA and Chairman & Managing Director, CavinKare Pvt Ltd thanked the minister for his compliments to AIMA and assured him that India's private sector would make the maximum contribution to the transformation of the economy. He summed up the discussions that took place during the two-day National Management Convention and thanked the keynote speakers, panellists and moderators for their contribution. He also congratulated the winners of the AIMA Managing India Awards, which were presented in a special ceremony during the convention where Mr Nitin Gadkari, Minister of Roads and Highways presented the awards.

At the end of the convention, Mr Ranganathan took over as the President of AIMA and he thanked Mr Singhania for his outstanding leadership through a tough year and promised to take AIMA to the next level.

During the session, AIMA conferred its Honorary Life Fellowship on Mr Sanjay Kirloskar, the Immediate Past President AIMA and Mr Krishan Kalra, Past President, AIMA.

AIMA also presented the Kewal Nohria Award for Academic Leadership in Management Education to Dr Rajendra Srivastava, former Dean and Novartis Professor of Marketing Strategy and Innovation, ISB, Hyderabad.

Mr Goyal congratulated the newly inducted fellows of AIMA and Mr Rajendra Srivastava on their felicitation.

Ms Rekha Sethi, Director General, AIMA anchored the session.

The session was attended by many thousand delegates of the National Management Convention and continues to get excellent inline traction

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