Anand Mahindra explains how business can be instrument of foreign policy

The industry veteran emphasised that India must focus on reducing the cost of manufacturing as that could have a multiplier effect. "Our manufacturing costs are unnecessarily high, land costs, utility costs, logistics costs – all these contribute to our lack of competitiveness," said Mahindra.

Indian industry needs nurturing and incentivisation to achieve scale, not through protectionism but support for a limited horizon, he said.

While delivering his lecture, Mahindra also highlighted the regulatory issues faced by startups, including regulations which have a retrospective impact. He asked policymakers to consider making life easier for innovators and startups.

"We need regulators to work as partners and proponents rather than being seen as taskmasters. We need to encourage astronomical amounts of innovation for a resurgent India and the fewer obstacles there are in the way, the better," he said.