The Federation of Telangana Chambers of Commerce and Industry (FTCCI) recently organized a dynamic meeting featuring Subhrakant Panda, the President of the Federation of Indian Chambers of Commerce and Industry (FICCI). The event took place on Wednesday evening at the Federation House in Red Hills, Telangana, and focused on discussing industrial progress in India with a special emphasis on the region.
During the meeting, Subhrakant Panda expressed his gratitude to FTCCI for hosting him and commended the chamber for its longstanding history and active involvement in the business community. He acknowledged the pivotal role played by chambers, both local and national, in bringing together stakeholders for the collective good. Panda highlighted the significance of sectoral representation in shaping policies that benefit the broader industry, emphasizing the need for manufacturing to contribute significantly to India's economic growth.
Panda emphasized the importance of the manufacturing sector, stating that despite its stagnant contribution of 15% to the GDP over the past two decades, it must play a more substantial role to meet the aspirations of India's youth and unleash the country's demographic dividend. He stressed that neglecting manufacturing could turn the demographic advantage into a challenge rather than an opportunity. Panda also shared FICCI's focus on supporting small and medium enterprises (SMEs), digitalization, and sustainability, as crucial factors in achieving long-term success.
Furthermore, Panda highlighted the remarkable growth of Telangana's contribution to the national GDP, which has risen from 4.1% in 2014-15 to 4.8% in 2022-23. He praised the Telangana government's efforts in nurturing sunrise sectors like electric mobility and acknowledged the healthy competition between states, triggered by the implementation of the Goods and Services Tax (GST).
Discussing the nation's economic future, Panda emphasized the goal of India becoming the third-largest economy globally and underscored the urgency of swift progress and the role each stakeholder would play in achieving this milestone. In his welcome address, Anil Agarwal, representing FTCCI, expressed gratitude to FICCI for maintaining close relationships with state-level chambers. He stressed the importance of collective efforts between national and regional chambers to yield fruitful results in improving the business environment and attracting investments. Agarwal highlighted the significant role played by industry associations in advocating for pro-business policies and thanked the governments at the state and union levels for their support.
Agarwal further highlighted the achievements of the "Make in India" campaign, pointing out the doubling of foreign direct investment (FDI) inflows in the past eight years. He also mentioned the record-breaking collection of GST revenues and the highest-ever exports of $447 billion in 2022-23, emphasizing the positive impact of initiatives such as Atma Nirbhar Bharat and Make in India.
Srinivas Garimella, speaking on behalf of FTCCI, lauded Telangana's remarkable growth since its formation, with a GDP growth rate of 11.4% CAGR and the highest per capita income in the country. He attributed the success to key factors such as agricultural advancements driven by schemes like Raithu Bandhu and improved irrigation, as well as the state's prowess in the life sciences and information technology sectors. Garimella highlighted the need for increased focus on manufacturing and literacy to further propel Telangana's growth.
The meeting witnessed the presence of prominent figures such as Arun Chawla, Director General of FICCI, representatives from FICCI Telangana State Council, and members of the FTCCI Managing Committee, including past presidents. The gathering concluded with a shared commitment between FTCCI and FICCI to collaborate and work toward fostering growth in the manufacturing sector and achieving broader economic goals.