Indian industry must move beyond incremental progress to transformative action, said Principal Secretary-2 to Prime Minister, Shaktikanta Das, here on Monday. He also proposed seven strategies for India Inc to mitigate unprecedented volatility at global level.
“This is the moment for enterprises to think boldly, innovate fearlessly and invest strategically in emerging opportunities. Indian industry must move beyond incremental progress to transformative action – creating global champions, building resilient supply chains, pioneering new technologies and solving national challenges at scale,” Das said while addressing CII Annual Business Summit here.
According to him, the road to India@2047 begins not in ambition alone, but in strategic action in the present. “The reforms and hard work of today will be the pillars of tomorrow’s India – an India that is prosperous, inclusive and innovative. This approach, I feel, would enable India to consolidate its transformative journey from being an Incredible India to a Credible India – an India that inspires trust and confidence, both at home and abroad,” Das, the former governor of RBI, said.
Tackling volatility
Taking note of unprecedented volatility at global level, he suggested seven strategies for India Inc. First is that Indian businesses must embed resilience into their operating models by strengthening risk management, improving decision‑making agility, and proactively anticipating market, technological and other emerging developments in the world of business. “This would enable firms to absorb shocks, adapt quickly, and emerge stronger, turning uncertainty into opportunity,” he said.
The second is about strengthening balance sheets. Third is related to building new supply chains. Fourth is about re-skilling the available manpower. Fifth suggests diversify into new markets. Sixth is to invest strategically for future readiness and for capitalising on new opportunities and seventh calls for increasing expenditure on research and development.
“These measures, I feel, can significantly enhance sustainability, competitiveness and long‑term growth of Indian businesses and industry. This would enable us to not only weather global uncertainties, but emerge stronger and more confident,” he said.
Das said since over-dependence on a narrow set of markets or geographies increases vulnerability during global slowdowns, especially for exporters, Indian businesses should actively explore and engage with new export markets and leverage on India‘s growing economic and diplomatic footprint. “Market diversification would spread the risks, stabilise revenue streams and allow firms to tap into new growth corridors and demand patterns,” he said.
He said that India has made a sustained push towards reliance on alternative energy and investment in renewable energy has risen sharply, which will help mitigate the challenges posed by the war in West Asia. “India is better positioned today to confront extreme (energy) demand conditions head-on and emerge resilient,” he said.
Published on May 11, 2026