“Today, with over 100 unicorn startups, India’s youth represent the country on the global stage,” Shah said at the third edition of the ‘Sankalp Se Siddhi’ conference at bangalorejointly organized by the Ministry of Culture and the Confederation of Indian Industry (CII).
A series of reform initiatives lifted India to 43rd place in the global competitiveness index, up from 71st in 2014-2015, he said.
Between 2014 and 2021, FDI worth $440 billion entered India, he added. “We have become the world’s 7th favorite investment destination. We were 142nd in the Ease of Doing Business ranking in 2014 – today we are 63rd.
Focus on R&D
Shah urged industries to prioritize R&D efforts to achieve scale. “Indian industry should not think of increasing speed but changing scale and if the scale needs to be changed then the push should be given to R&D.”
Discover the stories that interest you
Young Indians are the best minds for R&D and CII should make efforts to do R&D in India, he said, calling for efforts to have nothing in the production chain from raw materials to finished goods , is manufactured outside India.