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Subhrakant Panda, senior vice president of the Federation of Indian Chambers and Commerce and Industries (FICCI) has said that the Indian industry is ready to catch the momentum of the country’s growth story and be a part of its march to 2047 to become a developed nation. He said India has emerged as a bright spot in the world economy.

Asserting that experts and economist are now talking about the country becoming a $30 trillion or $35 trillion economy, Panda said there is no doubt that the Indian economy would easily surpass the goal of $ 5 trillion and then $ 10 trillion GDP. He said ‘there are many assumptions and factors which go into deriving those numbers, but I think what is very clear is the direction of growth and the sustained reforms, which are going to take us in that direction of growth.’

Applauding the government for the sustained and aggressive reforms that are addressed to meet the needs of common people and strengthen the Indian economy, he listed some of the reforms that are needed in the next phase. He said a lot of reform measures like decriminalising minor offences, reducing compliance touchpoints, digitising records have been done. He also said ‘now, if you look at it, I think labour reforms, the government has taken a major step forward in terms of codifying it into four different codes. But that is something that we hope comes through next because that is a key factor in adding to India's competitiveness and the foundation that is required to push growth.’