Industry and government need a new pact of trust

India stands at a critical juncture, aspiring to attain a $5-trillion economy and establish itself as a global leader in innovation, sustainability, and inclusive growth. Achieving this hinges not only on economic reforms or technological advancements but also on a far more fundamental aspect—cultivating enduring trust between the government and industry.

- Ajay Khanna

In a world characterised by geopolitical uncertainties, climate challenges, and rapid technological transformations, trust between the public and private sectors is indispensable. Without it, progress is fragmented, opportunities are squandered, and the shared national objective suffers. India has made significant strides in fostering government-industry dialogue, but it is imperative to elevate this engagement to a new level—structured, inclusive, and outcome-oriented. Across boardrooms, policy forums, and business associations, a recurring theme permeates discussions — the need to deepen trust and collaboration between businesses and policymakers. The objective is to establish a predictable and transparent environment where both parties feel confident in collaborating, sharing responsibilities, and ensuring that the benefits of growth are distributed equitably among all stakeholders.

When governments and businesses engage in meaningful interactions, the outcomes can be extraordinary. However, regrettably, the relationship often remains transactional, driven by lobbying or reactive responses to policy fluctuations. Companies are apprehensive about sudden regulatory changes, while governments, understandably, anticipate compliance, ethical practices, and alignment with national priorities. The absence of trust engenders friction, missed opportunities, and impedes progress.