India needs to bet on a few rising sectors, say experts on Modi govt’s 9 years

“We cannot subsidize majority of the population in perpetuity. Long term growth must support affordable prices without subsidies,” he said.

Rajiv Kumar stressed that the small and medium industry sector was highly localised and said there is potential for diversification in exports across sectors of the economy but there is a need for special effort to make our small and medium industries globally competitive.

Another key point he highlighted is that we need to “pick some industries that are going to be winners”. He noted that the performance linked incentive (PLI) scheme has become dissipated and spread across so many large sectors.

“Every country that has seen its market share go up has taken a bet on few of the rising sectors of the global economy,” he said, adding that India needs to take such bets.

He said that this should be done in a manner where the government and the private sector work together. “Agree on that bet, then execute and implement them.”