Stressing on creation of a competitive economy, NITI Aayog member Arvind Virmani has said that India's experience has been different compared to the rest of the world in terms of the rise and peaking of its manufacturing GDP. He further said India has positioned itself in the last ten years with policy reforms related to product and services space.
According to Virmani, the country has put in dynamism for entrepreneurship and startups, and has instituted public sector and institutional reforms. He opined ‘there is a need of the creation of a competitive economy and not just a few monopoly segments with reduced information barriers and breaking asymmetric information circuits’.
According to the latest government data, manufacturing sector's share in India's GDP is estimated at around 17 per cent currently. He noted that the government has a crucial role to play in the provisioning of public good, regulation of externalities, ensuring a pro-competition and pro-investment market environment as well as ensuring welfare transfers and empowering every group in every geography.
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