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India to lead the creation of an alternative global supply chain, says N Chandrasekaran

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New Delhi: The current geo-political shifts, large domestic market, global presence of companies in India and strong talent base will help the country lead the creation of an alternative global supply chain, Tata Sons Chairman and B20 India Chair N Chadrasekaran said on Friday.

In his address here at the B20 (Business 20) Summit, Chandrasekaran said that India stands as a beacon of growth and on track to achieve around 7% average growth over the next decade.

“As the fifth largest economy in the world, on the way to becoming home to the largest talent reservoir, India is set to contribute greatly to inclusive global development. India positively stands out in the global economy which is facing strong growth winds, tightest rate cycle in decades and the record level of public debt,” he said.

The top corporate executive said that the world is currently navigating through three important fundamental transitions; digital/artificial intelligence transition, energy transition and a global value & supply chain transition.

“India is extremely well-positioned to lead in all three,” he stated.

Chandrasekaran said that various transformative government initiatives such as public digital infrastructure, the PM Gati Shakti, the PLI incentive scheme, the start-up India and reduction in corporate tax rates had helped India sustain ‘fantastic’ growth momentum among G20 countries.

“At the same time, India and all of us here are super committed to equitable growth particularly in the Global South, (we are) committed to climate sustainability and action, committed to innovation. Therefore, India’s growth journey will shape world’s future,” he said.

Talking about the success of India’s Moon Mission (Chandrayaan 3), the B20 Chair said that the Moon has changed from being a symbol of aspiration to one of achievement.

Chandrasekaran said that now on a glance every night upwards will be a reminder of what India as a nation has accomplished and what more it is capable of achieving in the future.

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