Strength of Indian economy lies in its diversity: CII

The president of Confederation of Indian Industry (CII) Naushad Forbes today said the strength of Indian economy rests in its diversity.

"Our diversity is a huge strength. We can use our diversity to lead the world in economic progress, in cultural achievement and in building the kind of society where people from across the world will want to live in here," he said while addressing the 8th convocation of IIM-Shillong, where over 159 students received their degrees.

"We must be more ethical, more international, more technology-focused and more collaborative as good corporate citizens," he said.

Naushad said the CII has identified 150 firms that are aspiring to be multinationals with Indian roots and is helping them to establish a footprint overseas.

Stating that the Indian industry investment in R&D needs to increase five-fold, he said the industry should also invest in skills and in improving the quality of school and college education to bring opportunities for the youth.

Earlier in his speech, Dean of Cornell SC Johnson College of Business, Prof Soumitra Dutta said India has progressed a lot on multiple fronts in the last couple of decades.

"However, we have to be mindful of a harsh reality that India remains one of the poorest countries in the world. This has to change. But, the change cannot be effected by the government alone. Organisations in both the public and private sectors have to play a key role," he said.