CII Annual Business Summit 2024

India has set an ambitious target of becoming a prosperous country by 2047. At the recent Annual Business Summit, CII charted the course for Indian Industry in 2024-25 under the theme ‘Co-creating the Future Responsibly: Role of Business’. This year, the Summit brought together leaders and key stakeholders for deliberations on a variety of topics to holistically address growth and development.

Ms Nirmala Sitharaman, Minister of Finance and Corporate Affairs and Dr S Jaishankar, Minister of External Affairs, along with senior Government officials, shared their valuable insights and perspectives during the Summit. The CII Annual Business Summit 2024 saw participation of 20 policy makers, 800 industry leaders and around 4000 delegates. Covering two days, the Summit had 29 sessions and over 700 B2B meetings on the sidelines.

Leverage opportunities at national and global level through Government-Industry partnerships: Minister Nirmala Sitharaman

The Government looks towards forging partnerships with the private sector to take a winning leap forward to realise the goal of emerging as a developed country by 2047. There is a big role for the private sector for making this happen and the Government would be a facilitator and enabler in the process said Ms Nirmala Sitharaman, Minister of Finance and Corporate Affairs, Government of India.

Articulating the vision for new India, the Finance Minister stated that the country presents immense opportunities for growth which extends to all segments of the economy.

She said that according to the RBI and the Economic Survey, India has graduated from the twin balance sheet problem of the past to the twin balance sheet advantage which has led to vibrancy in the market. The demographic dividend would be with the country for the next 30 years and dependency level is at a historic low, she said.

She further stated that India’s transition towards green energy and sustainable future is sure to generate new markets and new demand.

India is among the top investment destinations and is at an advantageous position to take advantage of global investors. The PLI scheme has contributed significantly towards this endeavour, the Finance Minister added.

We firmly believe that India will develop all the requisite national strengths that will make it a leading power in the times to come – Dr S Jaishankar

We firmly believe that India will develop all the requisite national strengths that will make it a leading power in the times to come, stated Dr S Jaishankar, Minister of External Affairs, Government of India. “At the global level there is a broader consensus about India being a key source of growth, a valuable addition to supply chains and an important pool of talent”, Dr Jaishankar stated.

Dr Jaishankar stated that India has seen robust growth with the help of sweeping reforms and a sharp focus on capital spending with a focus on infrastructure development. This included a combination of making India self-reliant, Ease of Doing Business reforms, large scale socio-economic programmes, a conducive environment for business growth and start-up culture, among others, he added.

Dr Jaishankar stated that India’s endeavour would be to mitigate the impacts of these crises, while continuing to stabilize the world. It is this judicious combination of ‘Bharat First’ and ‘Vasudhaiva

Dr Jaishankar stated that while India’s export promotion efforts would continue along with strong partnership building, current times call for something more than business as usual where ‘trust’ and reliability’ will become critical factors.

Bringing together thought leaders from India and the Globe

This year the Summit delved into topics of National and Global importance across sectors such as energy, AI, the future of finance, skill development, new-age businesses, SMEs amongst others. Presence of dignitaries like Shri Suman Bery, Vice Chairman, NITI Aayog; Shri N K Singh, Member, High Level Committee on Simultaneous Elections, Co-Convenor G20 Expert Group on MDB reforms, President – Institute of Economic Growth, and Chairman 15th Finance Commission of India; Dr Arvind Panagariya, Chairman, 16th Finance Commission of India along with global thought leaders like H.E. Salman F Rahman MP Private Industry and Investment Adviser to the Prime Minister of Bangladesh (Cabinet Minister) and Co-founder & Vice Chairman BEXIMCO Group; Mr Richard M Rossow Senior Adviser and Chair U.S.- India Policy Studies, Center for Strategic and International Studies, USA set the context for debates and deliberations.

As India continues its path of fast growth and rising incomes for all, the CII Business Summit 2024 turned out to be the perfect platform for thought leaders to deliberate on its progress on competitiveness, inclusiveness, innovation, globalization, and sustainability through continued policy reforms. These deliberations covered diverse priorities including Growth and Development, Green Economy, Advanced Technology and Innovation, Employment and Livelihood, and Startups and New Age Businesses.