CHENNAI: Vice-President of India M Venkaiah Naidu said the six states of South India are a powerhouses that the rest of the country should emulate as most of these states rank amongst the top in terms of ‘Ease of Doing Business’ ranking.
Delivering his inaugural address at CII Mystic South - Global Linkages Summit organised by Confederation of Indian Industry (CII) with the theme — South India’s journey towards the $1.5 trillion economy by 2025 — the Vice-President said South India combines manufacturing with services, culture with modern values, education and skills, and the strength lies on maritime sector, urbanisation, tourism, quality of life and its culture, which is one of its biggest strengths. These should be used as a soft power, he added.
Stating that building competitiveness is a key component of the Southern India’s progression, he said each State will need to find its champion sector to propel growth.
“India is at a decisive point in its journey towards prosperity, we need to create global hubs that would serve India and the world in the space of manufacturing, agricultural exports and digital services,” Naidu said.
He further stated the revenue contribution of large firms’ to GDP in 2018, was 48 per cent, and India has potential to achieve 70 per cent by 2030, in line with outperforming economies.
“Improving access to capital and easing other barriers to business would help the best-performing firms of all sizes climb the ladder of scale and global competitiveness” he added.