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PARTNERSHIP SUMMIT 2024
Confederation of Indian Industry (CII) is organizing the 29th CII Partnership Summit 2024 on 2-3 December in New Delhi. The CII Partnership Summit, held annually since 1995, has been regularly partnered by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India. The previous summit, held in March 2023, witnessed participation from 67 countries with over 2000 business delegates and more than 400 international delegates.

This year, the Partnership Summit will deliberate along the seven broad tracks of trade, future of industrialization, sustainability and climate action, technology and innovation, growth, geoeconomic framework, and inclusion. The summit will bring together global experts to deliberate on diverse topics and contribute to high level discussions. It offers an excellent platform for exchange of ideas and facilitates trade and business collaboration, while working towards the common goal of a prosperous and a collaborative future.
ECONOMIC BACKDROP
The global economy, which was on a recovery path post the Covid-19 pandemic, is now faced with significant supply chain disruptions, heightened policy uncertainty and volatility in consumer prices driven by recent geopolitical headwinds. As per International Monetary Fund (IMF) estimates, the world economy is expected to post a stable but slow recovery and is projected to grow by 3.2% in 2024 and 3.3% in 2025.

India held its General Elections in the first half of 2024, which resulted in the incumbent Government under the leadership of Prime Minister Narendra Modi returning for the third consecutive term. This has reinforced India’s stability and fosters continuity of the robust economic reform process as well as key policies for entrepreneurship, employment and the social sector.

Notwithstanding the global challenges, the Indian economy continues to flourish and expanded at a robust pace of 8.2% during 2023-24, cementing its position as the fastest growing major economy in the world. This expansion is further reinforced by the strong growth in services, manufacturing, and construction sectors in the first quarter of 2024-25, which helped maintain the pace of gross value added in the economy at 6.8%. Private final consumption expenditure increased to 56.3% of GDP, while gross fixed capital expenditure stood at 34.8%.

India’s macroeconomic fundamentals remain robust as reflected in the high performance of several high-frequency macroeconomic indicators. The comprehensive measures announced in the Union Budget 2024-25 with a strong focus on driving inclusive economic growth while adhering to fiscal prudence is further expected to cement India’s strong footing in the global stage.

On the external front, India’s resilient services growth continues to contribute significantly to economic growth. India’s overall merchandise and services trade in 2023-24 reached a new peak of USD 777 billion with major contribution coming from exports of electronic goods, drugs and pharmaceuticals, and engineering goods, among others. Investments from overseas too remain healthy.

In terms of external engagement, India signed a benchmark trade agreement with European Free Trade Association (EFTA) nations which includes the objective of bringing USD 100 billion investments in India. India continues to enhance regional engagement through strategic forums such as QUAD and has stepped up bilateral cooperation with countries in Europe, West Asia, and Africa.

Through trade, investment, and strategic collaboration between the Global North and the Global South, it is time for nations to come together to celebrate innovative ideas such as the World 2.0 and facilitate deeper partnerships among countries.

With the world faced with myriad challenges, the role of international partnerships and global collaborations have assumed critical importance. Through diverse discussions on key topics the CII Partnership Summit 2024 would set the pace for intensifying India’s global engagement. As a key player in the global stage, India will play a central role in driving these efforts. With industry as a key player in driving the growth mission, the collaborations formed at the summit will play a critical role in driving the global economic trajectory.

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