India's trajectory in terms of manufacturing GDP growth stands apart from the global landscape, as highlighted by Arvind Virmani, a member of NITI Aayog, during a recent address. Virmani underscored the imperative of nurturing a competitive economic landscape while addressing an event organized by the Institute for Studies in Industrial Development (ISID). He emphasized that India's manufacturing GDP has followed a distinct pattern compared to the rest of the world, with a substantial increase followed by a sustained plateau in recent years.

Virmani outlined India's positioning over the last decade, which involved significant policy reforms in both product and service sectors. Notably, these reforms have injected dynamism into the entrepreneurial and startup ecosystem while also ushering in reforms within the public sector and institutions.

He stressed the importance of fostering a competitive economy, advocating for reduced information barriers and the dismantling of asymmetric information circuits. Currently, the manufacturing sector contributes approximately 17 percent to India's GDP, according to the latest government data.

Virmani emphasized that the government plays a pivotal role in providing public goods, regulating externalities, creating a pro-competition and pro-investment market environment, and ensuring welfare transfers while empowering all segments of society across the geographical spectrum.

Simultaneously, he called upon the private sector to fulfill its role by competing, innovating, and investing. Virmani underlined India's dynamic comparative advantage in its demographic dividend as a significant opportunity for the country's future growth.

Also, Nagesh Kumar, the director of ISID, addressed the event, emphasizing that India is at a pivotal juncture to assess its achievements since independence and chart a roadmap for the future. The vision of a developed India, or "Viksit Bharat," by the year 2047 was highlighted as a shared aspiration.

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