A recent survey by Ficci on global risks and opportunities showed that 57% of India's business respondents identified supply chain disruptions and 53% cited trade fragmentation as well  as protectionist policies as the most pressing concerns. A majority of respondents, however, showed confidence in navigating these risks and  indicated India's potential to emerge as a global leader across industries. Realising this potential requires reforms.

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The ease of doing business: The past decade has seen major steps to simplify regulatory compliances. The government must continue these efforts, addressing issues related to overlapping approvals under multiple laws, construction permits from different agencies and duplicate inspections. 

Accelerate factor-market reforms to lower the cost of doing business: Industrial expansion needs land with clear titles, in the right locations and at viable cost. We must unlock land for industrial growth through innovative public- private partnership models such as land-as-equity joint ventures with state agencies, joint development with revenue-sharing programmes and direct allotment with deferred payment terms. 

India's labour laws must ensure job creation, worker safety and formalization along with increased productivity. Implementing the new labour codes, rationalizing labour compliances, encouraging more women in the workforce and a focus on skilling are critical.

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India needs diversified long-term capital sources. Widening the investor base, expanding the corporate bond market, simplifying listing, disclosure and compliance norms for small businesses and diversifying debt funding  for non-banking firms is key. Priority Sector Lending Guidelines also need  a review in the light of contemporary requirements, particularly with respect to sustainability, food security and energy security-related projects. 

Simplify taxation: The next-gen GST reforms announced by the Prime Minister must focus on moving to fewer rate slabs, streamlining return filings and speeding up refunds to ease the compliance burden, especially for small businesses. A formal consultative mechanism with Indian industry under the GST Council would enable effective decision-making on various issues.

Undertake bold regulatory reforms: India needs to modernize regulations for sunrise sectors, considering their distinct growth dynamics. Carving out new categories under the Factories Rules for renewables and providing clear sector-specific guidelines will reduce ambiguity and cost. We must strengthen Centre-state coordination for the smooth execution of these reforms. A joint Centre-state reform council with shared accountability could oversee this process.

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Boost private investment and research: The production-linked incentive (PLI) scheme has spurred investment in key sectors. It should now be expanded to include advanced electronics, aerospace components, battery raw materials and other high-value sectors, particularly those where India needs to lower external dependence. Supplementing these with research and development (R&D) incentives will create a virtuous cycle of investment and innovation.

Position India globally as a high-quality producer: Indian industries must focus on high-quality products and technologies both for the domestic market and exports. That means scaling up the quality and testing ecosystem, setting up internationally accredited laboratories, upgrading infrastructure and ensuring that our national standards institutions are industry-led. India must also secure leadership roles in global standard-setting bodies.

Achieve Atmanirbharta in defence: We have taken big steps to strengthen our defence capabilities over the last decade. R&D must be intensified in frontier technologies, including robotics, quantum computing, hypersonics and sensors. With a rich talent pool and clear focus on research, India can produce indigenous fighter jets—a must for our national security.

These reforms must materialize in good time to support our journey towards Viksit Bharat by 2047.