The incoming President of industry body FICCI believes the Indian economy is well-placed even amidst global turbulence.

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CNBC-TV18’s Ritu Singh spoke to Subhrakant Panda who will take charge in mid-December. He is bullish on the government's PLI schemes and believes that India will be a global champion in manufacturing through these schemes. He said inflation remains a concerns and we need to control the rise in prices without compromising on growth.

Panda said, “I think there is a lot of work to be done in terms of pushing the reforms agenda further and working with our various stakeholders on key issues like decarbonisation, and sustainability. Now, in as much as your question is concerned regarding the state of affairs of the economy, I think it is fair to say that India is one of the rare bright spots."

He added, “When it comes to various economies and the challenges that countries are facing concerning rising inflation India is one of the rare spots, I think, that has got to do with a few factors. The reforms both over the years, as well as during the pandemic, where I think the government worked on the principle of not letting a good crisis go to waste.”

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On PLI, Panda said, “The PLI schemes of which I am a great proponent, because it is going to create global manufacturing champions, who will cater to not just domestic demand, but in fact, look at the export markets as well. So, I think India is well placed.”

For full interview, watch accompanying video