'Indian economy needs slew of reforms'

Subsidy reforms, a new bankruptcy law, monetary policy framework and a whole lot of other reforms are the need of the hour for Indian economy, said a top business executive on Tuesday.

"Economic recovery is gradually taking place though not at an expected pace," said Volvo India MD Kamal Bali at the at the eighth annual Confederation of Indian Industry (CII) Manufacturing Conference, focused on opportunities for transformational changes across sectors that can be leveraged by aerospace and defence requirements of India

Noting India needs at least one million jobs a month, he said these can only be created with a focused approach on manufacturing, tourism, infrastructure and news skills.

Bali said inclusive growth through job creation is the most critical imperative for India which can be ignited by 'Make in India' programme by overhauling the education system to encourage research and development.

Bharat Electronics chairman and MD Sunil Kumar Sharma highlighted that India, despite being the eighth largest defence spender in the world with a $40 billion budget, gets less than a third of it, $13.3 billion, for capital investments in defence sector.

However, he expressed hope in the 'Make in India' programme.

"This trend is changing, we are looking at about $600 billion spent in the next ten years and this is where 'Make in India' comes in," he said.

Throwing light on the future of industrial revolution, GE India CTO Munesh Makhija said that speed, skills, simplicity, sanctity of purpose, stretch of goals and sustainability will be the key words of the future.

"Now we are entering into the third industrial revolution which sees a new collaborative ecosystems emerging - the convergence of physical and digital world. Advanced manufacturing techniques and industrial internet will spark the new industrial revolution," he said.