Cautionary Note
Warning of 'unknown unknowns', PM's principal secretary says must build resilience
This story was originally published at 17:27 IST on 11 May 2026
Register to read our real-time news.Informist, Monday, May 11, 2026
Please click here to read all liners published on this story
--PM's Principal Secy Das: Living in a world of unknown unknowns
--CONTEXT: PM's Principal Secy Das speaking at CII Summit in Delhi
--PM's Principal Secy Das:Supply disruption to continue to impose high costs
--PM's Principal Secy Das: Econ growth anchored in macroeconomic stability
--PM's Principal Secy Das: Fiscal position of India is stable
--PM's Principal Secy Das: Cos balance sheet better placed to support invest
--PM's Principal Secy Das:Bioenergy, green hydrogen getting top priority now
--PM's Principal Secy Das: There is no reform complacency in govt
--PM's Principal Secy Das: FTAs to enable cos to scale up production
--PM's Principal Secy Das: FTAs to enable cos to join global value chain
--PM's Principal Secy Das: Several initiatives in pipeline for our econ
--PM's Principal Secy Das: Cos must build organisational resilience
--PM's Principal Secy Das: Cos must strengthen balance sheet
--PM's Principal Secy Das: Cos must diversify supply chains
--PM's Principal Secy Das: Cos need to reskill available manpower
--PM's Principal Secy Das: Cos need to diversify into new mkts
--PM's Principal Secy Das:Cos must invest strategically for future readiness
--PM's Principal Secy Das: Cos need to increase R&D spending
--PM's Principal Secy Das:Cos must focus on forward-looking capital allocation
--PM's Principal Secy Das: Cos must prioritise prudent leverage
--PM's Principal Secy Das: Cos must prioritise robust liquidity buffer
By Gunjan Rajput and Sagar Sen
NEW DELHI – Given the continuing geopolitical crises and growing global economic uncertainties, Shaktikanta Das, principal secretary-2 to Prime Minister Narendra Modi, urged Indian companies to strengthen resilience, diversify supply chains, and invest for future readiness. "We are living in a world of unknown unknowns," Das, a former governor of the Reserve Bank of India, told the Annual Business Summit 2026 of the Confederation of Indian Industry Monday.
Das said that as India approaches 2047 and inches closer to 100 years of independence, the country must reclaim its global stature "not through nostalgia, but through enterprise, technology, and inclusive growth". Against the backdrop of an evolving global and domestic economic landscape, he outlined key priorities for companies, including strengthening balance sheets, maintaining prudent leverage, and building robust liquidity buffers.
He also asked Indian companies to diversify into new markets, increase spending on research and development, invest strategically for future readiness, and reskill manpower to adapt to changing business needs.
Das said artificial intelligence is emerging as a key driver of India's growth with initiatives under the IndiaAI Mission expected to boost the country's AI ecosystem. "Systemic measures implemented under the IndiaAI Mission are expected to provide a major boost to the AI ecosystem in India," he said. "The strong technical talent available within the country will provide a major fill in this initiative."
He also said sectors such as bioenergy and green hydrogen are now receiving top policy priority. Amid the ongoing geopolitical crises, Das warned that supply disruptions could continue to impose high costs on the global economy, with cascading effects on energy supply, fertilisers, food security, and global prices.
He said growth and stability have moved in tandem in India, reinforcing the country's emergence as a key pillar of global stability. "The fiscal position of the government of India is stable with a decisive shift towards more capital expenditure and infrastructure spending," he said.
Das said Indian banks are on a much stronger footing now after years of balance sheet repair, lower non-performing assets, improved governance, adequate capital buffers, and prudent lending standards, which have helped to support sustainable credit growth. He added that corporations have also contributed to overall financial stability by deleveraging their balance sheets.
While the fiscal deficit target for FY27 was set at 4.3% of GDP in the Union Budget, the deficit is now pegged at 4.5% of GDP based on the downward revision in India's nominal GDP as per the new GDP series.
The government remains firmly committed to reforms and there is "no reform complacency" despite the growing global uncertainties, Das said. He added that policy consistency and calibrated reforms will help India to strengthen its position as a globally competitive economy.
He said India is simultaneously taking bold steps to enhance strategic self-reliance in critical sectors such as rare earth permanent magnets, critical minerals, shipbuilding, cotton productivity, AI, and clean fuels. He added that free trade agreements are expected to help domestic companies scale up production and integrate with global value chains. End
Edited by Rajeev Pai
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2026. All rights reserved.
To read more please subscribe
Share this Story:
