India needs to grow at about 9-10 percent GDP rate for the next two and a half decades translating into higher per capita income for its people, said Amitabh Kant, Sherpa, G20 and former CEO of NITI Aayog while delivering a keynote address at ‘India Beyond 75: CEO’s Conference’ held in New Delhi.
The G20 summit is scheduled to be held in 2023 for the first time in India.
Time to show India’s power
Its members are the 20 most developed countries in the world, having 88 % of global GDP, 80% of global trade, 90 % of global patents, and 67% of the global population. Therefore, there will be a great opportunity to present both the hard and the soft power of India in front of the world, said Amitabh Kant.
Eyes on the next 25 years
Kant also quoted the country cases of China, Korea, and Singapore and how these countries brought growth and prosperity to their people. He pointed out the context of the Prime Minister’s Azadi ka Amrit Mahotsav and suggested watching closely for the next 25 years.
“When India became independent, our per capita GDP was more than the per capita GDP of China and Korea and since then income in Korea has increased by 37X and in China, the growth is 18X and in India, it is 7X since 1947 and now income in Korea is 5X that of India and China is 2x of India in the present time of 2022,” Mr. Kant said.
Need to Grow in Double digits
Talking about the PM’s vision to change India in one generation, he cited the instances of Japan, Korea, Singapore, and China, who transformed themselves into rich countries and raised the living standards of their citizens above the boundary line by growing at a high rate of 9% or more.
Comparing India’s per capita GDP which is close to 2000 dollars with Korea’s 40,000 dollars, Kant also pointed out the importance of per capita income instead of total GDP.
Technology, Infrastructure, and Women will be key economic drivers
Addressing the event he also stressed the need of using technology, to build infrastructure and weave off heavy dependence on agriculture for India’s economic growth.
According to this latest survey, there are more women than men and it will be difficult for India to grow without the major focus on women and without increasing female labor participation,” Amitabh Kant said.
Sustainable urbanization is a necessity
Talking about job creation, Amitabh Kant said, “Sustainable and good urbanization creates good quality jobs and what’s important is that this government is talking about smart cities, sustainable urbanization, and planning.”
Giving a roadmap for India’s growth in the next 25 years, Amitabh Kant said, “World-class global Infrastructure: Roads, Aviation are the key drivers of growth. So, the strategy should be to move towards urbanization and manufacturing-driven urbanization.
Amitabh Kant also talked about the massive digitalization in the country.
“In India, there are more Internet users in villages than in cities and India has unique digital public platforms that will transform India in many ways- individual identity, individual payment, you have UPI, and Indians are using mobile phones for transacting the money,” he added.
Need to grow our states
Stressing the importance of the State’s growth, Kant said, “India is very large, you need States to grow. Maharashtra, Gujrat 2X, Goa 5X others are just in some percentage. It’s important for our states to grow.”
“Growth is not driven by the government but by organizations. So, making enterprises more competent is the key. Thus, the Government has to be a facilitator. And at last, India needs to be technologically competent. India needs to disrupt technological innovation – electronic mobility, mobile manufacturing, etc.,” Kant said.
Amitabh Kant also conferred India at 75 Platinum Excellence Life Time Achievement Amrit Award2022 to renowned Film Actor Kabir Bedi (for his contribution to Performing Arts Internationally) and a few others on this occasion.
The Special Felicitation with honor was presented By Golden Signatures, in association with DIMC Trust, BloomHo Global, Indian Observer Post, Corporate Tycoons magazine, Dignity India, Activbrainz, E&M Global, & NFA Post to Amitabh Kant for his Visionary Leadership & Development Impact.
Onkareshwar Pandey, founder & CEO of Golden Signatures, Dr. Pooran Chandra Pandey, Prof. Pankaj Mittal, Secretary General, Association of Indian Universities, Prof. BK Kuthiala, Chairman, Higher Education Council, Govt of Haryana, and other guests also shared their views on India’s growth.
The event organized by the Golden Signatures Research & Consulting was held to commemorate India’s completion of its 75th year (platinum year) of independence and celebrate its 76th Independence Day on 15th August 2022 at Hotel Le Meridien, New Delhi.