Reforms Reloaded Live Updates:Trump has given India opportunity to become more productive and competitive, says Amitabh Kant

Amitabh Kant, Ex-G20 Sherpa, GoI & Former CEO, NITI Aayog, said in Network18’s Reforms Reloaded programme that India must step up its manufacturing push as global trade dynamics shift. He stressed that logistics and interest rates must come down to make Indian industry more competitive.

Kant said India’s GDP growth rate must consistently touch 9–10 percent annually to achieve its developmental goals. He further emphasised that the government should move swiftly to implement budget announcements on divestment, deep tech, and urban reforms.

Amitabh Kant, Ex-G20 Sherpa, Government of India, and Former CEO, NITI Aayog, said in Network18’s Reforms Reloaded programme that the private sector must drive wealth creation if India is to achieve the goal of Viksit Bharat. “We need a scorching pace of growth. Bureaucrats must dismiss outdated rules, accelerate privatisation, and push tourism aggressively,” he said.

Kant emphasised that India must leverage global opportunities by integrating into value chains rather than relying solely on protectionism. “Swadeshi is Make in India but also being part of global value chains. It is about selling to the world despite the protectionism that Trump is preaching,” he said, adding that India cannot achieve 9–10% growth without strong exports.

On manufacturing, Kant noted, “Instead of importing, manufacturing in India is critical. We should get Chinese companies to enter into joint ventures with Indian firms so that they manufacture in India.”

He added that global shifts must be seized: “Trump has given India the opportunity to become far more productive and competitive, and we should not lose this opportunity. The biggest beneficiary of globalisation was the US, but now India must take the lead.”

Amitabh Kant, Ex-G20 Sherpa, Government of India, and Former CEO, NITI Aayog, said in Network18’s Reforms Reloaded programme that India needs bold reforms, deeptech capital, and an aggressive push in tourism to accelerate its growth story.

Kant stressed the need to radically improve urban centres like Gurgaon and called for a Fund of Funds for Deeptech and Cleantech to attract large-scale investments, urging Indian corporates, insurers, and family businesses to finance the startup movement. “We require patient capital and 4–5 big funds of funds to push through reforms,” he said.

He underlined that the government must step back from running businesses: “Government officers are by nature pro-status quo and therefore should not be on the boards of businesses. Government should keep its arms off businesses.”

Highlighting India’s tech edge, Kant said, “We should build up AI on top of our DPI to accelerate innovation. Now that Indians are not welcome in Silicon Valley, we should demonstrate that they are welcome in India for disruptions.”

He also flagged travel and tourism as India’s biggest untapped opportunity: “India is flying close to 80 million planes. The government should be aggressive and push for foreign tourism to make India a global destination for the rich and the famous.”

Amitabh Kant, Ex-G20 Sherpa, Government of India, and Former CEO, NITI Aayog, said in Network18’s Reforms Reloaded programme that India must accelerate financial and urban reforms to sustain growth momentum.

On bank privatisation, Kant said, “I am optimistic about IDBI Bank’s privatisation getting done early and we should not let fatigue set in. The earlier we do it, the better. The government had also committed to privatising two banks and an insurance company — we should push for that too.”

Drawing parallels with the GST rollout, Kant stressed the importance of bringing states on board for urban reforms. “Much like the government got all states together on GST, it now needs to get them together on urban reforms. Good drainage, sewage, and roads are critical for India at this stage,” he noted.

Amitabh Kant, Ex-G20 Sherpa, Government of India, and Former CEO, NITI Aayog, said in Network18’s Reforms Reloaded programme that India needs to refocus on critical reforms to sustain growth and job creation.

“We have had an excess dosage of Quality Control Orders (QCOs), with these being implemented on over 760 products. QCOs on intermediaries make it difficult for MSMEs. All QCOs need to be reviewed, and those on inputs must be removed. QCOs are licensing by the back door, brought in by industry lobby groups, and that has been damaging for India,” Kant said.

He stressed the urgency of implementing labour reforms that enable industry to achieve size and scale, while also reviving disinvestment and asset monetisation at both Centre and state levels. “Let’s start with the privatisation of Ashoka Hotel in the heart of Delhi. The Government of India has no business running a hotel,” he remarked.

Kant further emphasised that India must push for smart urbanisation. “The Budget had announced one lakh crore for an urban renewable fund — that needs to be implemented as soon as possible. The Clean Tech Mission announced in the Budget should also be rolled out quickly,” he said.

Highlighting the importance of jobs, Kant said skill development should be a national priority. “The government needs to push for skill development in a big way, which will create new jobs for India and the rest of the world. Growth with jobs is critical,” he added.

Amitabh Kant, Ex-G20 Sherpa, Government of India, and Former CEO, NITI Aayog, said in Network18’s Reforms Reloaded programme that the Goods and Services Tax (GST) reforms will play a pivotal role in pushing India’s consumption story.

“The GST reforms will boost demand and then create a virtuous cycle of investment. In the context of global challenges, this reform was critical,” Kant said.

He underlined the need to build momentum on structural reforms, especially amid supply chain disruptions and geopolitical tensions. “We should accelerate the pace of many other reforms… GST reforms should just be the beginning,” he added.

On the US H1B visa issue, Kant said the impact would be limited in the long run. “There is no talent for computing power in the US. It is the US companies that use H1B visas for their advantage. If they made it an annual fee, it would have implications, but now since they are saying it is a one-time fee, my analysis is over a six-year period it will have a minimal impact,” he explained.

According to Kant, the move could actually open new avenues for India. “It will give more opportunities for GCCs in India and India will benefit from the H1B visa move,” Kant said.

Pralhad Joshi, Minister of Consumer Affairs, Food & Public Distribution, Government of India, said in Network18’s Reforms Reloaded programme that the Centre is working to resolve hurdles around unsigned power purchase agreements (PPAs) in the renewable energy sector.

“I have told all chief ministers to take the issue up. The PMO is also monitoring the issue closely. State power regulators also sometimes create hurdles,” Joshi said.

On government schemes, he noted that while PM-KUSUM initially saw limited participation, a new version — PM-KUSUM 2.0 — has been proposed to focus on solarising the agriculture sector. “PM-KUSUM and PM-Surya Ghar have already generated 12–13 lakh jobs. Through PM-Surya Ghar, we will generate 65 GW. For PM-KUSUM, we plan to take unused or barren land on rent,” he added.

Pralhad Joshi, Minister of Consumer Affairs, Food & Public Distribution, Government of India, said in Network18’s Reforms Reloaded programme that key reforms under the Modi government have included GST, IBC, ease of doing business, infrastructure expansion, and the Jan Dhan Yojana, which through direct benefit transfers has saved the country nearly Rs 4 lakh crore.

Highlighting progress in renewable energy, Joshi said, “In 2014, India’s solar capacity was just 2.4 GW. In the next 10–15 days, it will touch 130 GW. Our target of having 50% of installed power generation capacity from non-fossil fuels has been achieved five years in advance.”

He added that Rs 24,000 crore has been invested in solar module manufacturing capacity, with about 28 GW of solar cell manufacturing already in place. “We will soon introduce viability gap funding for wafers and ingots. This will reduce production costs and, in turn, bring down electricity costs,” he said.

Comparing energy costs, Joshi noted, “Thermal power costs Rs 6.5 per unit, while renewable energy with storage is being offered at Rs 4.5 per unit. This will contribute to an overall reduction in costs, as power is a key input for manufacturing.”

On coal’s dominance in India’s energy mix, Joshi remarked, “From 0 we have reached this level in renewables. We will soon surpass thermal power.”

Pralhad Joshi, Minister of Consumer Affairs, Food & Public Distribution, Government of India, said in Network18’s Reforms Reloaded programme that his ministry has set up a dedicated helpline to address consumer complaints on GST benefits not being passed on, and has also created a mechanism to resolve such disputes pre-litigation.

“This is above the necessary steps taken by the finance ministry. Compliances have been simplified, refunds have been made online for input credit… what can be a bigger relief for businesses than this? People are very happy about it. It is the biggest relief for the public,” Joshi said.

He added that the government had also amended the law for GST compensation to states, and the Modi government ensured timely disbursal of that compensation.

Pralhad Joshi, Minister of Consumer Affairs, Food & Public Distribution, Government of India, said in Network18’s Reforms Reloaded programme that the recently announced GST 2.0 is “the biggest ever reform after 1975.”

“Tax on dosa was 18% — now it is 0. Good filter coffee is also 0 now. Things of daily use like toothpaste are also 0. This will increase the purchasing power of people, and it will lead to more business. Increasing business takes time, but one has to be patient,” Joshi explained.

He further added that Prime Minister Narendra Modi “believes in the people of the country, and he also believes in the traders and manufacturers of the country.”

Archana Jahagirdar, Founder & Managing Partner, Rukam Capital, said in Network18’s Reforms Reloaded programme that India must urgently unlock risk capital to harness new opportunities.

“If we unlock enough risk capital, then the H-1B visa issue will be a boon. We should unshackle risk capital quickly,” she said. Highlighting the changing market dynamics, Jahagirdar added that nearly 70% of Indian consumers are happy with Made in India products, and the focus should be on catering to aspirational India.

Ankit Gupta, CEO – Offline, PW (PhysicsWallah), said in Network18’s Reforms Reloaded programme that there is an urgent need for central guidelines for coaching institutes, as the current regulatory framework varies from state to state.

On global opportunities, Gupta remarked that the ongoing H-1B visa challenges could prove to be a “blessing in disguise” for India, opening up avenues to retain and nurture top talent within the country.

Archana Jahagirdar, Founder & Managing Partner, Rukam Capital, said in Network18’s Reforms Reloaded programme that the so-called “startup winter” is far from being over, as Indian startups remain undercapitalised in risk capital.

“Real estate doesn’t generate technology but they get tax breaks. Startups need sovereign wealth fund support, tax breaks and, most importantly, risk capital,” Jahagirdar stressed.

Rajesh Kumar Singh, Defence Secretary of India, said in Network18’s Reforms Reloaded programme that India will pursue defence partnerships based on its service requirements and readiness of countries to share critical technologies. “Whichever country is ready to share critical technology we can go with those countries. We will go by our service requirements. We will have enough opportunities for both the US and Russia to participate,” Singh said.

He added that India is on track to sign defence contracts worth Rs 1.5 lakh crore, with an additional Rs 75,000 crore in the pipeline. “Last year we did Rs 2.09 lakh crore, we will do at least that much if not more,” Singh noted.

Emphasising a fair and indigenous-driven approach, Singh said, “There will be level playing field and we will double down on indigenisation. We will treat all companies public or private as Indian companies and not differentiate between them.”

Rajesh Kumar Singh, Defence Secretary of India, speaking at Network18’s Reforms Reloaded programme, outlined the government’s upcoming roadmap for defence reforms, with a sharp focus on private sector and start-ups.

“The idea is to go from nomination-based contracts to open bidding and price discovery. We are trying to create a section for start-ups, and we will give assurances to start-ups for five years in procurement,” Singh said.

He further noted that by the end of December, the Defence Ministry will simplify the capital expenditure (capex) framework to make it “much more simple and friendly” for private players and start-ups. “The intent is to have DAP by the first day of next year,” he added.

On future budgetary commitments, Singh said, “We can then do a 10-15 percent increase every year. A 10 percent increase is adequate to meet requirements. It won’t be a problem to provide at least a 10% increase in defence capex in the coming year.” He also mentioned that in the medium term, the Finance Commission could consider a 17–18% rise over the next five years, stressing, “Nobody can argue against 2.5 percent or 3 percent of GDP spend on defence.”

On capability building, Singh pointed out, “If we don’t have 5th gen aircraft immediately, we can offset advantage by having enough number of 4 and 4.5 gen fighters and equipping them with weapons.”

Rajesh Kumar Singh, Defence Secretary of India, speaking at Network18’s Reforms Reloaded programme, outlined India’s upcoming defence priorities.

“We will invest in different types of standout vehicles, drones, UAVs, underwater drones, satellite imagery, precision munitions, where India doesn’t have technology,” Singh said.

He announced that the government is preparing to release a Request for Proposal (RFP) worth Rs 30,000 crore for Medium Altitude Long Endurance (MALE) category drones.

Highlighting challenges in production capacity, Singh noted, “Missiles are made by BDL, munitions are made by MIL, but their capacity is limited. Private sector has been unable to invest in these, so we are trying to move away from order reservations.”

Referring to lessons from recent wars, Singh stressed the need for a wider industrial base. “In recent wars, the number of missiles being fired are huge. India followed a different path and we used them in a calibrated way. But every time duration can’t be curtailed. So we need a diversified large industrial base,” he said.

Rajesh Kumar Singh, Defence Secretary of India, speaking at Network18’s Reforms Reloaded programme, underlined the government’s commitment to indigenisation in the defence sector.

“We will have $25–30 billion of capex every year in defence over the next decade. Our current plans are that at least 75% of capex would be spent within country,” Singh said.

He emphasised that in areas where the technology readiness level is high, procurement would be entirely indigenous. “We will double down on our indigenisation efforts and we won’t hopefully go below that 75% mark,” he added.

Utpal Sheth, Founder & Mentor, TRUST Group, speaking at Network18’s Reforms Reloaded programme, said that investors must look beyond short-term cycles and focus on structural opportunities. “I think the most opportunities, not just for one or two years but even for a longer period of time, lie in a few mega trends which are playing out,” he said.

Sheth highlighted Artificial Intelligence as one of the strongest themes globally. “AI is a very big play. If you look at the global market, this current global equity bull market is being led by AI, even in the US,” he pointed out.

He also underlined defence as another major opportunity. “I feel the government’s commitment to defence and the need for defence, given the way geopolitics is playing out, makes this a very big mega trend,” Sheth added.

Atul Suri, CEO of Marathon Trends, speaking at Network18’s Reforms Reloaded programme, said the market’s ability to sustain new highs hinges on earnings improvement. “Till earnings do not improve, we do not have the legs to make new market highs. Even if we make new highs, it will not sustain,” he cautioned.

Looking ahead, Suri projected a sharp upside for the markets. “I foresee a 20% up move in our market. That means Nifty at 30,000 in the next one year — provided these reforms, and the ones in the pipeline, actually play out and India sees an uptick in GDP growth and corporate earnings. India has a very big catch up to do,” he added.

Speaking at Network18’s Reforms Reloaded programme, Atul Suri, CEO, Marathon Trends highlighted that unlike interest rate cuts or corporate tax reductions, where the impact on profitability and valuations is almost immediate, GST rate cuts will take longer to reflect in earnings. “I feel it may take about 18–24 months for GST cuts to reflect in corporate earnings,” he said.

Suri also reflected on market trends, noting that the Nifty hit fresh highs in September last year before a sharp fall to 22,000. “That was the first hit, when people suddenly started realizing that earnings are not what is being priced in, and the whole argument that the market is overvalued came into play,” he explained.

Nilesh Shah, speaking at Network18’s Reforms Reloaded programme, pointed out that speculation in markets has delivered heavy losses despite overall gains. “Even in the last five years, where markets by and large have gone up, except last one year, how much money did speculators make? Speculators have lost money desperately. SEBI’s own research found nine out of 10 people trading in F&O have lost money, and that number is amounting to somewhere around one lakh crore,” he said.

As a purist, Shah said his preference would be to ban weekly expiry outright. “Doesn’t serve much purpose, but then we are living in a not so ideal world,” he remarked. As a middle ground, he suggested that weekly expiries could be allowed only for individual traders, excluding mutual funds and institutions. “We’ll be fine with it then,” he added.

Nilesh Shah, speaking at Network18’s Reforms Reloaded programme, said the market currently presents contrasting conditions: “For an investor, this is a great opportunity to invest, and for a trader, it’s a very, very difficult market.”

On policy, he described the GST reform as only the first step. “There are many more steps we need to take. And the most important thing is ease of doing business. We have done a lot, but even today, we have so many rules, regulations, compliance burden on an entrepreneur,” he said.

Shah added that while GST is a move in the right direction, it must be complemented with further reforms that simplify business and reduce compliance barriers. “Let’s compliment it through ease of doing business, and many other reforms so that we can actually go and touch double digit growth,” he stressed.

Rishi Bal, Executive Vice President at BharatGen, said at Network18’s Reforms Reloaded programme that while the American model of AI development relies heavily on private capital and the Chinese model is largely government-funded, India will need to chart its own path.

He emphasised that the country must create a dedicated space where AI systems can be incubated with significant funding support. Alongside this, Bal underlined the importance of shaping policy and incentives to nurture the ecosystem

Vivek Mishra, CEO of Raphe mPhibr, said at Network18’s Reforms Reloaded programme that the company’s 12 years of close interaction with users has helped it understand requirements and focus on what needs to be developed.

Highlighting the challenges in aerospace and defence, Mishra stressed that the popular notion of India excelling in jugaad does not apply to this sector. “Even if one subsystem is not up to the mark, it will create an unreliable system,” he cautioned.

He added that while research itself is hard, manufacturing is harder, and mass manufacturing is the hardest of all—requiring significant money and patience.

Rishi Bal, Executive Vice President at BharatGen, said at Network18’s Reforms Reloaded programme that the company recognised early on that talent was a key challenge. To address this, BharatGen created a consortium with 45 full-time employees and seven academic partners, which continues to expand. He added that the firm has successfully tapped into some of the top AI talent in India.

Shashi Shekhar Vempati, Co-Founder of the DeepTech for Bharat Foundation, said at Network18’s Reforms Reloaded programme that policy moves by previous governments—such as the push towards a cashless economy and the introduction of set-top boxes—helped lay the foundation for building a sovereign future.

Chief Economic Adviser V. Anantha Nageswaran, speaking at Network18’s Reforms Reloaded programme, said fiscal prudence, stability, and ease of doing business are laying the groundwork for a ramp-up in private sector spending in 2024–25. He underlined the need to open up new geographies for exporters while ensuring that supplies of capital goods remain available to build self-reliance in manufacturing, clarifying that this does not reflect an anti-foreign investment stance.

Nageswaran noted that India has ample foreign exchange reserves and the rupee is not vulnerable “in any manner.” He added there is still room for the 10-year bond yield to decline, supported by expectations of benign inflation until next calendar year. The CEA cautioned that disrupting the existing inflation targeting framework of 4% (+/-2%) would send the wrong signals.

Looking ahead, Nageswaran said he will detail the progress achieved on deregulation over the past year in the upcoming Economic Survey.

Chief Economic Adviser V. Anantha Nageswaran, speaking at Network18’s Reforms Reloaded programme, said the anticipated tariff-related drag on growth may now be lower due to the GST-driven boost. While a 0.4–0.5% reduction from India’s trend growth of 6.5% was expected this year, and about 1% next year, he noted that GST reforms could offset part of the impact.

Nageswaran stressed that in the medium to long term, India’s investment attractiveness will remain unaffected even with additional tariffs. He said GST and deregulation could serve as catalysts for higher FDI inflows.

Outlining the reform agenda, the CEA said deregulation will be the next major policy thrust, with committees expected to submit reports that the government will act upon. He added that opening up the education sector to greater competition, along with the infusion of AI, will further strengthen these reforms.

Chief Economic Adviser V. Anantha Nageswaran, speaking at Network18’s Reforms Reloaded programme, said the revenue-neutral rate of GST has declined to 11%, with rising UPI transactions and volume growth expected to offset lower rates and boost collections.

Nageswaran expressed confidence that India’s gross fiscal deficit will be contained at 4.4% of GDP in FY26. Based on high-frequency indicators, he said Q2 GDP could be close to the 7% mark.

On global headwinds, he noted that the impact of US tariffs may be muted in the current year and could be compensated by GST rate reductions. While a 0.4–0.5% reduction from India’s trend growth of 6.5% was expected this year, and a 1% reduction next year, he said the GST reforms may soften this impact.

Chief Economic Adviser V. Anantha Nageswaran, speaking at Network18's Reforms Reloaded programme, said he is more confident now that India’s GDP growth in FY26 will tend towards the upper end of the 6.3–6.8% range. He noted that the total impact on the economy from direct and indirect tax relief, aided by the multiplier effect, would exceed ₹2.5 lakh crore, though some uncertainties could dilute this effect.

Nageswaran highlighted that the revenue-neutral rate of GST has fallen to 11%, and stressed that volume growth would offset the lower rates. Rising UPI transactions, he added, are a strong indicator of GST revenue growth. He also expressed confidence that the gross fiscal deficit would be contained at 4.4% of GDP in FY26.

I'm more comfortable now that India's GDP growth will tend towards the upper end of 6.3-6.8% range in FY26. Total impact on economy will be more than Rs 2.5 lakh crore due to multiplier effect due to direct and indirect tax relief, though some other uncertainties may dilute effect

The GST was introduced first to unify the system. The original GST was like an FTA that India signed with itself. And now the second round of GST overhaul is to simplify the system further to ensure that our producers can make in India by utilising a simpler system, and benefit the consumers

My views on H1B and any other long-term visa to any country are primarily a good thing for that country, not India. Anyway, if they are IT companies, why do they need to move to the US? Because you are in an industry where work can happen from anywhere

Indian negotiators should not negotiate for long-term visas; this is something they should ask us for. These kinds of visas primarily benefit the recipient country

Process reforms are a good thing to do for residents, and we should accelerate them not just because of the H1B visa issue and for potentially returning NRIs

People like to think of massive, one-time reforms when they think about reforms. I have been arguing, however, that most of what needs to be done is process reforms. It is a clause where three words have to be changed. Most of the pains of living and business are caused by this. Then there are all kinds of defunct departments that need to be closed down or merged. So these small process reforms are what need to be done.

Most of these reforms are sectoral and specific. The accumulation of thousands of these small reforms is what needs to be done. My team and I at PMEAC have been working on this for some time. The committee under Rajiv Gauba is now looking into deregulation

In 2024, we came to the conclusion that we need to think through the slabs of the GST. Now we have a logical, consistent system of GST. Inverted duty has been resolved, and now we don't have to get into debates of whether the popcorn is salted or caramelised

Can't estimate consumption or growth based on GST cuts because growth gets impacted by many things, like Trump tariffs and the government's own spending.

PMEAC member Sanjeev Sanyal: I think thinking of the benefit from this one time demand surge from navratri, the real benefit is the benefit to economic machinery.

PMEAC member Sanjeev Sanyal: As a country we do expect good behaviour, some has to come from public pressure, giving additional power to bureaucrats has its own connotations. So I see the GST cuts being passed through over a period of time. The market may force it through anyway to some extent.

PMEAC member Sanjeev Sanyal: Of course no body wants to reduce their prices. But govt has been clear that we don't want to introduce an anti profiteering provision because we don't want an inspector raj. So it is good if GST cuts are passed through, some may want to pass it through increasing their package size. But there should be public pressure on the companies to pass this through because the windfall is for consumers

Gajendra Singh Shekhawat: Before these reforms there were nearly 18 types of taxes which were similar but imposed across different states. It was leading to overtaxation as well. Bringing in GST was important. It was meant to support the country’s economy

Earlier only a few were taking the burden of paying taxes. Now we have a huge cohort of people who pay taxes in small or big amounts. The reforms will benefit MSMEs and manufacturing

Gajendra Singh Shekhawat: Reduction in taxes will help people have more money in their pockets which will boost consumption and tourism is one of the important aspect of that. These tax reforms will give a big boost to tourism. There’s already an increase in domestic travel. For example: There has been a 25% increase in travel to the route leading to Mahakaal temple in Ujjain.

Gajendra Singh Shekhawat: 95% goods will see reduction in tax slabs. The GST reforms will help everyone from a farmer to a millionaire in Mumbai.

Gajendra Shekhawat: Decisions by Modi govt are taken on national interest, it is not taken basis political interest. Those days are gone.

Gajendra Singh Shekhawat on Neo-Middle Class: It is the aspiring class of our country. The class which has come out of poverty and is now in middle class is called Neo-middle class.

V Vaidyanathan, MD & CEO of IDFC First Bank:- GDP growth for FY27 is very material. The impact on this on GDP in FY27 is going to be material.

Dabur CEO Mohit Mahlhotra: Income and employment at bottom of the pyramid would be an important factor. GDP growth for FY27 is very material, inflation will come down by 60-70 bps owing to GST cuts. Impact on FY27 growth would be material.

We are looking at 300 bps in consumption backed by volume. This middle class boost will help urban growth to resurrect to same level to rural growth: Mohit Malhotra

Domestic luxury needs to be supported instead of some foreign luxury where the profits are going out. Don’t see domestic luxury as sin: V Vaidyanathan, MD & CEO of IDFC First Bank.

Rajiv Memani, EY India chairman:

-We are in very complex geopolitical and geoeconomic issue, for every country 2-3 things are important, we need to create greater value add in economy. We need to start strategically thinking about critical areas.

-We need to diversify relationships. India’s recent signing of FTAs and more strategic engagements with middle east.

-Narrative of India needs to be communicated much more effectively. Foreign investors have done well in India. For me swadeshi is something when you create value in India, parentage of companies doesn’t matter

V Vaidyanathan, MD & CEO of IDFC First Bank: India has a long way to go in ease of doing business, there is a lot to be done on reforms such as land, labour, etc.

Rajiv Memani, President, CII; Chairman & CEO, EY India: This (new GST) is a far reaching reform, CII has been requesting the government over the last year. What has been presented is far more comprehensive. It’s also a structural reform and not just a rate reduction. CII is very hopeful that it will lead to a very positive one month and hopefully investment climate which had got mired due to geopolitical uncertainity will pick up.

Dabur CEO Mohit Malhotra: Besides augmenting of demand, there will be relocation of capacities also.

Mohit Malhotra, CEO, Dabur: Forex is one aspect we are not able to put our finger on, the FTA if it concludes by end of year will be a big positive. We expect demand to move up by 500-600bps, which will have a trickle down effect on investments.

We have always advocated free-trade, its also about harmonising regulation and not just about tariffs: Santosh Iyer, MD & CEO, Mercedes-Benz India

We don’t get allocation as of now, FTA would ensure much more allocation on 5% cars that are completely built units: Iyer

Liquidity is not a problem, deposits are not a problem. For banking sector, next year should be better: V. Vaidyanathan, MD & CEO, IDFC FIRST Bank said.

V. Vaidyanathan, MD & CEO, IDFC FIRST Bank: Profitability of banking sector is expected to be good in 2027, credit and profitability both are expected to increase. "2027 will be a lift off year."

GST 2.0 impact would lead to consumption lift off of Rs 2 lakh crore, we are looking at 10 percent increase in growth of credit: V. Vaidyanathan, MD & CEO, IDFC FIRST Bank.

Consumption cuts from the 28 percent bracket, in the case of cars, there can be Rs 2,000 per month savings in EMI for people, said Vaidyanathan.

This 5-10-15-20 price point contributes to 40-50 percent of consumption. These magical price points cannot be breached, it would lead to commensurate grammage increase across the board: Dabur CEO Mohit Malhotra

-Dabur CEO Mohit Malhotra: GST cut is expected to improve demand and consumption

-Rs 2 lakh crore owing to GST cut, demand, investment and employment would improve

-We will have a 70 crore consumer base by 2030 from 50 crore today. This total impact would be Rs 17,000-20,000 for a Rs 5 lakh earning household

The festive season will deliver double digit growth, said Mercedes-Benz India MD & CEO Santosh Iyer. Average price cuts are close to 5-8 percent, a 6 percent cut in our case will translate into savings of Rs 1.5 lakh to Rs 20 lakh, said Iyer.

The next 8 days will likely record highest number of cars ever sold in India, Santosh Iyer, MD & CEO, Mercedes-Benz India said.

DIPAM Secretary Arunish Chawla on Monday said the government is striking a "balanced" approach to supporting the economy, combining GST reforms, direct tax relief and steady public investment. Read more

The government expects to conclude the strategic disinvestment of IDBI Bank in the current financial year, Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said on Monday. Read more

Dipam secy Arunish Chawla: Fresh breeze coming from domestic investors. We will come back with more valuable sharings with domestic investors. Seeing a structural change, greater democratization, small investors are part of market framework. Inspite of global headwinds, very soon our capital markets will be third largest in the world.

Dipam Secretary Arunish Chawla: Aim to exceed Rs 1,20,000 crore dividend this year; on course to meet asset monetisation target in FY26.

Dipam secy: It is an integrated disinvestment policy. Public sector has a bonafide role to play. Maintaining security of supply chains is important. Half a dozen OFS, minority stake sale is likely along with 1-2 strategic sales. Will close IDBI strategic sale this financial year.

Dipam secy Arunish Chawla: As markets stabilize, we will bring in more OFS, minority stake sales, a few IPOs and speed up the journey.

Dipam secy Arunish Chawla: Democratization of capital markets has been a big reform. This year there has been great nervousness for past few months in capital markets. Two-third of DIIs, is individual investors. From January-August, while FIIs withdrew Rs 1 lakh crore in net, DIIs poured in Rs 5 lakh crore.

Dipam secretary Arunish Chawal expressed confidence that India will surpass the disinvestment target of Rs 47,000 crore this year.

Dipam secy Arunish Chawla: We are in a phase of growth convergence. Should not get obsessed with numbers. If we can grow relative to global growth, we should be thrilled.

Dipam secy Arunish Chawla: Public investment through budgetary support has been on target. End of July, have achieved 33% of public investment target by frontloading reforms.

DIPAM Secretary Arunish Chawla began the dialogue at Network18's Reforms Reloaded. He said the govt is providing balanced support to economy, including GST reforms, direct tax relief.

Defence manufacturing and the Aatmanirbhar Bharat mission will be spotlighted through Rajesh Kumar Singh, Defence Secretary of India, while Amitabh Kant, Ex-G20 Sherpa & Former CEO, NITI Aayog, will share his perspective on what lies ahead for India’s reform story.

IDFC FIRST Bank presents Network18 Reforms Reloaded, kicked off today in New Delhi today. Stay tuned to catch all the biggest policy and growth insights from India's top policymakers. Watch the event live here

The dialogue will also stretch beyond India’s borders, with global voices like Ambassador Anil Sooklal, South African High Commissioner to India, Kanwal Sibal, Former Foreign Secretary and Former Ambassador to US and Benedikt Höskuldsson, Ambassador of Iceland to India, offering insights on shifting geopolitics and trade.

Network18 Reforms Reloaded, India's premier event to discuss next set of reforms and economic growth, will be held on September 22 in New Delhi. The event will see the who's who of India's economic landscape. The event will see participation from chief economic advisor V. Anantha Nageswaran, ex-G20 Sherpa and former NITI Aayog CEO Amitabh Kant, Dipam secretary Arunish Chawla and industry experts including IDFC FIRST Bank's managing director and chief executive officer V. Vaidyanathan, EY India's Rajiv Memani and others.

The event will begin at 11 am on September 22 with several top policy makers, economists and other changemakers lined up across the day to discuss the reforms and their and their impact on India's future.

To decode the mega GST update and its impact on the end consumers and conglomerates at large, IDFC FIRST Bank presents Network18 Reforms Reloaded.

On 22 September in New Delhi, the nation’s most influential voices from government & policymaking will come together to examine the impact of the GST reform and the opportunities it unlocks. Read more