Archive · 15 Sep 2026
Former Policymakers Outline Reforms, Capex and Manufacturing Growth Drivers
India wants its economy to keep growing quickly.
Rajiv Kumar said the government is spending a lot on public projects, but private companies must also invest.
He said this can help create more factories and jobs.
He also said the government should control debt and use its assets wisely.
Arvind Virmani explained that the Production Linked Incentive scheme helps companies become competitive by producing at a larger scale.
He said trade agreements could help Indian businesses sell more abroad and attract multinational companies.
K Subramanian said India needs more major reforms to reach sustained growth of 8–9%.
He believes manufacturing can create jobs, increase exports and reduce dependence on imports.
He also said state governments must help improve rules for businesses.
Prime Minister Narendra Modi is approaching milestones including his 76th birthday and 25 years in continuous executive office.
Rajiv Kumar said ₹13 lakh crore in public capital expenditure must be complemented by stronger private investment and continued fiscal discipline.
Arvind Virmani said the Production Linked Incentive scheme can help industries overcome scale constraints, while trade agreements could attract investment and supply chains.
K Subramanian called for another round of structural reforms to support sustained 8–9% growth, with manufacturing central to jobs, exports and domestic production.
The former policymakers highlighted reforms to land, labour, capital and power markets, as well as a greater role for state governments.
- Who
- Former NITI Aayog officials Rajiv Kumar and Arvind Virmani, and former Chief Economic Adviser K Subramanian, discussed India’s future growth strategy; Prime Minister Narendra Modi’s milestones provided the programme’s context.
- What
- The policymakers assessed India’s economic transformation and proposed reforms, private investment, manufacturing, trade agreements and fiscal discipline as future growth drivers.
- When
- The discussion took place as Narendra Modi approached his 76th birthday on September 17 and 25 years in continuous executive office on October 7.
- Where
- India.
- Why
- They said India needs stronger private investment, structural reforms and manufacturing expansion to sustain 8–9% growth, create jobs and improve global competitiveness.
- Public capital expenditure
- ₹13 lakh crore, according to Rajiv Kumar.
- Private investment
- Gross fixed capital formation increased by 11.9%, while the investment-to-GDP ratio reached 34%.
- Growth target
- K Subramanian said another round of structural reforms is needed for sustained growth of 8–9%.
- Priority sector
- Manufacturing was identified as important for exports, jobs, domestic production and reducing import dependence.
- PLI scheme
- Arvind Virmani said the Production Linked Incentive scheme helps industries address scale-related competitiveness challenges.
- Trade agreements
- Virmani said free trade agreements with high-income economies could support exports, supply chains and foreign direct investment.
- State role
- Subramanian said state governments must join reform efforts because many permissions and business regulations fall under their authority.