Keys to Progress in Global Value Chains: Meeting Global Standards, Fostering Innovation, and Investing in Basic Education

The Confederation of Indian Industry (CII) recently held its Annual Business Summit 2024 in New Delhi, where industry experts discussed the key factors for India’s progress in global value chains (GVCs). The session on ‘Mapping India’s ascent in the Realignment of GVCs’ highlighted the importance of enhancing ease of doing business, meeting global standards, fostering innovation, and investing in basic education.

Guruprasad Mudlapur, MD of Bosch India, emphasized India’s potential in the auto sector to deepen its footprint in global value chains by leveraging its expertise in software development and advanced technologies. Sunil Mathur, MD and CEO of Siemens India, stressed the need for integration across countries with a focus on sustainability and technology-driven manufacturing.

Deepak Shetty, CEO and MD of JCB India Limited, pointed out India’s strategic location for driving foreign direct investment in sectors like automobiles and agriculture. He highlighted the importance of aligning with global quality standards and the role of the MSME industry in ensuring supply chain resilience.

Banmali Agrawala, Senior Advisor at Tata Sons Private Limited, emphasized the need for a process-driven approach and focusing on quality rather than cost to move up the value chain. He also highlighted the importance of providing fundamental basic education and discipline to the workforce for success in global value chains.

Overall, the experts at the summit agreed that India has the opportunity to compete on a global scale by addressing challenges and leveraging its strengths in innovation and workforce size. The focus on meeting global standards, fostering innovation, and investing in education will be crucial for India’s progress in global value chains.