Industries should diversify avoiding “corner solutions”

Indian industry must strategically reorganize itself to deal with shocks arising from increasing geopolitical uncertainty, said Shaktikanta Das, Principal Secretary-2 to the Prime Minister’s Office.

Speaking at the annual business conference organized by the Confederation of Indian Industry (CII), Shaktikanta Das said Indian businesses should strengthen their balance sheets, retrain employees, diversify markets, and invest in future capabilities and technologies. He also emphasized that companies should increase spending on Research & Development (R&D) and should not view it merely as a cost.

Das stated that Indian industry must move beyond incremental progress and adopt transformative action by creating global champions, building resilient supply chains, becoming leaders in emerging technologies, and providing broad-based solutions to national challenges.

He further said: “There is absolutely no relaxation in reforms, and I want to emphasize this strongly. Along with policy continuity, timely and well-thought-out reforms will ensure that India not only maintains macroeconomic stability but also emerges as a globally competitive and inclusive economy.”

Das noted that “corner solutions” were becoming increasingly ineffective. By “corner solutions,” he referred to excessive dependence on a single source of production. He said: “Due to geopolitical conflicts and fragmentation, no country or single supply chain can continue to remain the cheapest, safest, or most reliable forever.” He advised industries to focus their operational strategies on diversification and prioritize resilience over mere cost reduction.

Das added: “Today, leadership means having the courage to take risks, reimagine business models, and align growth with future opportunities. The way industry builds, transforms, and leads today will define India’s economic growth, social progress, and global standing tomorrow.”

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