Subrahmanyam also stressed that deregulation at both central and state levels is essential for effectively integrating India into global supply chains.

The NITI Aayog is actively working on integrating India into global supply chains across various sectors, with pending recommendations for the electronics component supply chain awaiting Cabinet approval.

He urged states to be more receptive to external enterprises, asserting that local entrepreneurs alone cannot drive comprehensive state development.

Despite interest in India, he noted that potential investors often look to other countries for opportunities, indicating a need for improvement in the investment climate.

BVR Subrahmanyam, CEO of NITI Aayog, emphasized the necessity for India to reduce tariffs to advance towards becoming a developed nation, irrespective of external pressures.

Critically, he noted that excessive paperwork in business operations is detrimental to Micro, Small, and Medium Enterprises (MSMEs), hindering their growth.

He argued that enhancing global value chains requires more than just Production Linked Incentives; it also necessitates deregulation and the development of relevant skills.

Subrahmanyam pointed out the challenge India faces with a large population that lacks relevant skills, resulting in numerous job vacancies.

He highlighted that to facilitate these tariff reductions, India must finalize trade agreements with key economies such as the European Union and the United Kingdom.

The effectiveness of the state rating system in promoting reforms was highlighted, along with the need for a fiscal health index to assess states' budget management efficiency.

During the 69th Foundation Day of the All India Management Association, he reiterated that prioritizing openness to global trade is crucial for India's economic future.

Subrahmanyam suggested a transformation in agriculture, advocating a shift towards horticulture, floriculture, and dairy production rather than solely focusing on rice and wheat.