Can India become the next engine of growth of the world?

Ankit Pandey

Shaijumon C S El-Sayed El-Aswad

Sit back. Relax. Read.

Answer is a bit long. Fasten your seat belts.

Let us play with some numbers:

1 Million = 10 Lakhs.

10 Million = 1 Crore.

1000 Million = 1 Billion = 100 Crores.

1000 Billion = 1 Trillion = 1,00,000 Crores

1 Trillion = 1,00,000 Crores.

GDP of the top Countries in 2014 (in US$ billion)

USA - 17,528

China - 10,028

Japan - 4846

Germany - 3876

France - 2886

UK - 2826

Brazil - 2216

Italy - 2171

Russia - 2092

India - 1996

USA has 17.5 trillion dollar economy.

China has 10 trillion dollar economy.

India has approximately 2 trillion dollar economy.

Our large imports do not count as a part of our GDP whereas our exports do. We need to import less and export more.

We have to follow four goals to reach the status of developed nation.

Goal 1

India economic growth rate needs to increase to double-digits figures from 2016–17. The goal should be to reach the third position in GDP terms in the world, after the USA and China by 2022.

Goal 2

By 2030 or earlier, India should aim to rank in the top fifty in the world in GDP per capita, with an aim to reach the twenty-fifth rank.

Goal 3

Making India terrorism free by 2020 and total ban on crime against women.

Goal 4

Making India harmonious.

In addition to above goals. We need to do reforms.

Sector-wise reforms for a developed India:

Agriculture

Making all rain-fed arable land of India irrigated in some form. A 90% coverage of all arable land within a decade should be the target.

24*7 availability of electricity.

Skill development of farm workers.

Improvement of supply chain is vital.

Generate commercial level GM varieties out of Indian innovation.

More cleaner and greener agriculture including organic farming.

Special attention to growing of pulses. We still import lot of pulses.

Generation of completely stable IP’s in the country.

Rise of Agropreneurs. We need more agriculture cooperatives.

Manufacturing

Rationalise Tax Regimes

Monitor the progress of approved projects.

More attention to MSMEs- They are the backbone of Manufacturing.

Create new MSMEs

Creative Destruction

Remove Red Tapism- Approve plans in 3 months.

Environmental Laws- Make them Industry friendly.

Revise labour laws- Ensure maximum employment.

Aim High- 100 Mega Manufacturing Indian companies.

Domestic production of Defence related equipment.

Sensitisation towards IPR.

Mining

Mines-” Temples of modern India”.

Give special status to mining sector.

Reduce delays in permits and clearances. Create a sense of confidence in the sector.

Increase efforts for surveys and pre-exploration studies. Private players should be encouraged to do this.

Cost effective mineral transport systems should be planned.

Re-skill the existing workforce and adequately skill new entrants to the sector.

Use of modern technology for efficient production, reduction of pollution and workers’ safety.

Value addition activities should be encouraged around the mines. Many local people will get better paying jobs.

Locate thermal power plants near the mines.

Road Infrastructure

Our target:

National Highways - 50 km per day.

State Highways - 100 km per day.

Rural Roads - 1000 km per day.

Chemical

The Industry should look for feed stocks alternate to the current modes of crude oil and natural gas.

Encourage in-house production of PVC, Acrylic acid, Phenol and Methanol in large quantities.

Shale gas needs urgent attention.

Repair and upgrade Indian fertiliser plants.

Step up the R&D process.

Safety aspects of the workers and plants are extremely important.

Telecom

Broadband for all with a minimum download speed of 2 MBps

Increasing rural teledensity to 70 percent by 2017 and to 100 percent by 2020.

Liberalisation of spectrum and convergence of network, services and devices.

Unified licensing, de-linking of spectrum from licences, online real-real time submission and processing.

Health Care

Tele-education of the rural and small-town doctors to improve their clinical knowledge and update them on the latest development in patient treatment.

A large number of mobile diagnostic centres across the country , with modern equipment and a power generator, to reach people in remote corners.

National Security

Modernising our defence forces.

Indigenization of defence production.

Strengthening and skilling internal security systems against various forms of terrorism.

Preparing India to be cyber secure.

Source: Beyond 2020- A vision for tomorrow’s India.

Thanks.

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