The ongoing trade talks between India and the United States may soon yield positive results. NITI Aayog CEO B.V.R. Subramanian said at a media event in Mumbai on Friday that the talks are moving in the right direction and that a breakthrough on this front is expected by the end of the month .
He said that India needs to raise its investment rate to 35-36 percent of GDP to maintain an economic growth rate of 8-9 percent . Currently, this rate is around 30-31 percent . “If India wants to become a developed nation, it must improve investment, productivity, and skills in equal measure,” Subramanian said.
The NITI Aayog chief announced that the National Manufacturing Mission will be launched by November. It aims to create globally competitive manufacturing hubs in 15 key sectors . He called it the “biggest and most visionary announcement” of the last budget .
Subramanian said India’s rapid economic growth has made it a bright spot in the global economy . He said, “India has strengths like size, market depth, innovation capability, and talent pool—all of which will compel other countries to partner with India.”
He further stated that India must maintain a ” world-class, open economy ,” even if other countries increase tariffs or trade restrictions. He believes that continuity, policy stability, and a focus on skills development will help India achieve the goal of becoming a “developed nation.”
Referring to the growing interest of foreign investors , he said that India’s cost competitiveness and stable market environment are attracting foreign companies. However, he cautioned that reducing bureaucratic hurdles and implementing the principle of ” minimum government, maximum governance ” is essential to improve ease of doing business.
Emphasizing on human capital, he said, “If I had just one rupee to invest, I would invest it in education and skill development .” He compared how the average Indian student spends six to seven years in school , compared to 13 to 14 years in South Korea —a difference that poses both a major challenge and an opportunity for India.
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