My role as Ficci president involved close engagement with GoI to discuss a range of topics related to economic growth. This was enabled by inputs from industry members, ranging from large companies to MSMEs, the in-depth analysis from a fantastic team at Ficci, and most importantly, a gov that is open to listening and working closely with industry.
The year began with a meeting with Prime Minister Narendra Modi. We outlined priorities linked to GoI’s ‘Viksit Bharat’ goal. Key focus areas were: Make in India, women-led development, farm prosperity , and sustainability. A set of actions were outlined for Ficci committees, which comprised CEOs across a wide range of industries and companies. McKinsey provided support in developing the framework and enabling key outcomes.
As the year progressed, we worked with over 500 CEOs and 30 ministries to outline 100+ initiatives with specific targets over the next three years:
- Make in India: Position India as a global manufacturing hub, targeting an increase in our global manufacturing share from 3.1% to 5%.
- Women-led development: Increase women’s workforce participation by 5 percentage points, supported by skilling initiatives for 40 lakh women.
- Farm prosperity: Double agricultural exports to Rs 8 lakh crore over three years and develop 50 innovative horticulture clusters.
- Sustainability: Achieve 80% penetration for electric 3-wheelers and 30% for electric 4-wheelers, plus a 17% reduction in industrial emissions.
Ficci will continue to work closely with GoI and industry to achieve the above targets by 2027.In addition to a sharp focus on the above priorities, Ficci engaged with GoI on a broad set of policy matters. The Ficci team, with input from industry leaders, created a 78-page book with suggestions for each ministry. This included comprehensive recommendations for reducing manufacturing costs through measures like ending cross-subsidies and bringing fuel under GST while enhancing the ease of doing business through digital initiatives and self-certification processes.We proposed establishing support infrastructure near industrial clusters and creating comprehensive skilling frameworks for women-led development. Our farm prosperity agenda focused on reducing post-harvest losses through modern infrastructure and developing millions of farm technicians while implementing digital agriculture solutions.
The intense engagement with ministers and secretaries was invaluable. We focused on adding value to each ministry, with insightful and objective analysis. We saw good collaboration on initiatives that involved multiple ministries. There was a high level of activity with state governments as well.
Ficci organised 417 events through the year, including marquee events like Viksit Bharat, India Manufacturing Leadership Forum, EV Summit, and Women in the Workforce.
Flagship events like CAPAM, FIBAC, FRAMES, and WINGS India fostered critical cross-sectoral dialogues.
The Global Skills Summit, Higher Education Summit, and Ficci HEAL focused on human capital development. We also facilitated stronger ties with various countries, through incoming and outgoing delegations, CEO fora , and bilateral dialogues.
I will look back at 2024, my year as Ficci president, with satisfaction and pride.
The writer is the outgoing president, Ficci , and Group CEO-MD, Mahindra Group.