“We have to start focusing far more on manufacturing”

Rajiv Memani, Chairman & CEO of EY in India, on energy crisis, private sector investments, and reforms

- BY SIDDHARTH ZARABI

Rajiv Memani wears many hats.

Until this May, one of the more demanding roles was leading India's largest industry chamber, the Confederation of Indian Industry (CII), as its president for 2025-26. It was, in his words, a role for which “nothing truly prepares you”. He had to balance it with his day job as Chairman and CEO of EY in India, where he is better known as a suave, smooth-talking chartered accountant and dealmaker.

Memani's year at CII came at a time when India's economic fundamentals remained strong, but uncertainty gathered at the end of March. Since then, energy security, supply chain disruptions, and currency volatility have become immediate operational challenges and longer-term strategic questions for Indian industry.

In an interview with Siddharth Zarabi, Group Editor of Business Today, Memani argues that India must build greater resilience in energy security and supply chains. It must also develop domestic capacity in import-dependent products linked to data centres, AI and advanced technologies. He sees unfinished work in reforms too. Land, electricity and logistics markets need to become more competitive, and we need judicial reforms and faster dispute resolution—steps that are important for building investor confidence, he says.

CII was busy through the year. It submitted nearly 1,200 policy recommendations to the Centre, states and autonomous bodies. Several were accepted, while many remain under consideration. In the Union Budget 2026-27 alone, 79 of its recommendations were accepted. Edited excerpts:

Q: What is your assessment of the West Asia crisis and its impact on India’s economy?