Mumbai, 7 November. NITI Aayog CEO B.V.R. Subramaniam said on Friday that US-India trade talks could be successful by the end of the month. “Talks are moving in the right direction and hopefully we will get some news on this front by the end of November,” he said at a media event in the country’s financial capital Mumbai.

The investment rate is measured as a percentage of GDP every year. 35-36 The need to increase the percentage

Subramaniam also said that India needs to increase its investment rate to 35-36 per cent of gross domestic product (GDP) every year, from around 30-31 per cent currently, to maintain a growth rate of 8-9 per cent.

Apart from this, the CEO of NITI Aayog said that the National Manufacturing Mission will be operational by November, in which it is proposed to create sectoral clusters at 75 places to establish globally competitive manufacturing hubs focused on 15 sectors.

India’s economic growth makes it the brightest spot in the global economy

He said India’s economic growth makes it the brightest spot in the global economy. Other countries will be compelled to engage with India due to its unique characteristics such as size, depth of market, innovation potential and talent pool. The CEO of NITI Aayog termed continued openness, consistency in policies and focus on skill development as necessary to achieve the status of a developed nation.

India can become world class beyond tariffs, Must remain an open economy

Subramaniam said, ‘Even if other countries impose tariffs, India must remain a world-class, open economy.’ He emphasized on policy priorities and described the National Manufacturing Mission as the biggest announcement of the last budget.

To increase ease of doing business, it is necessary to reduce bureaucracy.

The CEO of NITI Aayog said that foreign investors are increasingly attracted towards India’s market and cost competitiveness. However, he cautioned that it is necessary to reduce bureaucracy to increase ease of doing business, and focus should be on the principle of ‘minimum government, maximum governance’.

Emphasized the importance of human capital

Emphasizing the importance of human capital, he said, ‘If I had just one rupee to invest, I would invest it in skill development and education.’ The senior official further said that on an average, Indian students complete six to seven years of schooling while in South Korea this period is 13 to 14 years.