CII on India’s Economic Revival post COVID-19

indica News Bureau-


As the COVID-19 pandemic still rages on without a clear end, the humankind is witnessing the disastrous effect on the socio-economic balance of the world.

While no respite seems plausible in the coming months, economists, industrialists are dealing with the challenging task of demand creation, above all, economic revival. It is particularly in times like these where innovative thinkers, decision-makers, and influencers of the world should come together to build a world that is more inclusive, conscious, and sustainable.

In that regard, the Confederation of Indian Industry (CII) held a discussion called “India and the World” on May 19th.

The panel comprised of eminent personalities like Dr. Ashley J Tellis, TATA Chair for Strategic Affairs & Senior Fellow, Carnegie Endowment for International Peace; Ambassador R Nicholas Burns, Professor of Diplomacy and International Relations, Harvard University, John R Kennedy School of Government; and Mr. Nelson Cunningham, President, and Co-Founder of McLarty Associates. With remarks by Mr. Chandrajit Banerjee, Director General, CII, and moderated by Dr. Naushad Forbes, Past President, CII and Co-Chairman of Forbes Marshall, nearly 250 attendees across the world joined the thought leaders for the session titled “India and the Re-emerging Global Order: Thought Leadership on COVID-19 Geopolitical Implications.”

The discussion began with Dr. Forbes highlighting the lack of international collaboration in addressing the global pandemic, as well as a growing propensity of countries to look inwards and secure local supply chains for national security.

Dr. Tellis agreed that this may be viable in the short-term appraisal, the costs of that resiliency will be too high and unsustainable in the post-COVID-19 world.

However, Mr. Cunningham mentioned an interesting point, on how the pandemic only accelerated changes that were already in progress, including the strengthening of borders, increased nationalism, and governments looking inward.

Moreover, Ambassador Burns insisted that international collaboration is more critical than ever and necessary for the development and distribution of a COVID-19 vaccine, as well as global economic recovery.

The panelists came to an agreement that for the next few years international trade will go through tremendous change. But for a nation like India, who is in good terms with the US, it sits in a comparative advantage from its neighbors and global competitors that benefit its long-term recovery.

But Dr. Tellis was quick to point out that India will need to grabble with rising regional trade and prosperity networks that are sure to develop.

In conclusion, it was noted that India’s positive business and regulatory environment developments have earned many friends throughout the US, but operational and investment decisions take time, so India must continue to engage broadly with the US government, corporate sector, and civil society to strengthen its trade and strategic ties.