Developing countries can emulate India’s model of inclusive growth: Foreign jt secy

India, one of the fastest growing economies in the world, has also set a benchmark for ensuring inclusive growth by focusing on technology adoption in a big way. This model can be emulated by the developing countries in the region, said Ajay Kumar, Joint Secretary (States), ministry of external affairs.

The Indian government has put in place several policies such as Make in India programme and PLI scheme to make our economy a major manufacturing economy and this has enabled the country to emerge as a key manufacturing hub for mobile phones, semiconductors and automobiles among others.

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“These conscious policy efforts have started bearing results, and that’s the reason why we are the fastest growing major economy. On the other side, we have been setting examples for inclusive growth. And even as we are growing very fast, we want fruits of that development to reach the poorest of poor. So, we have been using technology for inclusive growth,” Kumar said at a programme – “Building Global Capabilities for International Trade with South and Southeast Asia” organised by Assocham in partnership with the ministry of external affairs, Kolkata branch secretariat on Thursday.

The demographic dividend, rapid urbanisation and accelerating digital adoption in the ASEAN region makes it one of the long-term opportunities for Indian businesses, said Srinivas Gotru, Ambassador to ASEAN.

“ASEAN today is one of the most economically vibrant regions in the world. It attracts about $200 billion of annual FDI, which is one of the top regions in the world attracting inward foreign investment. Given the uncertainties that are happening in the world economy elsewhere, this (ASEAN) is the region that needs a second, closer look from India,” he said.

The ASEAN-India trade agreement, which is currently under review, is expected to conclude at the earliest. “From our side, the department of commerce is leading these discussions. And the idea is to make this agreement into a more trade-facilitating, balanced, and responsive to current economic realities,” he added.