Pune: The chairman and managing director of Kirloskar Brothers Limited , Sanjay Kirloskar , on Saturday praised India's resilience in continuing economic reforms despite challenges like financial crises and political shifts. "Our economy's strength has been tested time and again by financial crises and the changes in govt, especially in the late 1990s. In fact, the good part was that regardless of the political party or coalition in power, the reform process continued even during the Covid-19 pandemic.
Yet, as a nation, we have shown a surprising capacity to adjust and grow," Kirloskar said, while addressing the 30th convocation ceremony at Gokhale Institute of Politics and Economics. He pointed out that India still ranked low in nominal per capita GDP, underscoring the need for significant progress. Kirloskar also stressed on the value of economic preparedness, equating it with military readiness.
"We also see that many developed countries around the world are trying to bring manufacturing back to their own countries. At the same time, they have put up non-tariff trade barriers like the European Carbon Border Adjustment mechanism and the US Inflation Reduction Act, both of which are about capturing green jobs and collecting import duties to further finance their need in so-called green technologies. If you notice, the firms that we have outside are in each of the trading blocks, basically to ensure that we don't get hit by these policies," Kirloskar said, while quoting forme.