Need of the hour is to initiate actions that return the economy to a high-growth track: VP
Delhi, Sept 23
Vice President M Venkaiah Naidu today called upon the industry to work with the Government on implementing various reforms with greater vigour and pave the way for sustained economic growth in the coming decade.
Speaking virtually at ‘Mystic South, Global Linkages Summit – Towards a $1.5 Trillion Economy by 2025’ organised by the Confederation of Indian Industry, he said India is now at a decisive point in regaining its growth. “Now is the time for all the stakeholders to join hands and ensure sustained economic momentum”, he added.
Pointing out that the Union Government has taken a number of steps to revive the economy, he said, the industry on its part, must rise to the occasion and ensure that the upward growth trajectory continues.
The need of the hour is to initiate actions that return the economy to a high-growth track and create gainful jobs for millions of workers by 2030, the Vice President said.
Stating that an annual GDP growth rate of 8 to 8.5% annually with continued productivity growth will be required to stimulate entrepreneurship, create jobs and drive balanced progress, Naidu noted that India has been one of the 18 outperforming emerging economies over the past decade.
Stressing the need for India to leapfrog ahead to achieve the required employment and productivity growth, he said that global trends such as digitization and automation, urbanization, rising incomes, sustainability, health, and safety are assuming a new significance in the wake of the pandemic. “For India, these trends could catalyze growth and become the hallmarks of the post-pandemic economy”, he added.
The Vice President also called for creating global hubs in manufacturing, agricultural exports, digital services, next-generation financial products, high-efficiency logistics, power, sharing economy and modern retail.
Referring to the significance of the services sector in the Indian economy, he said it is currently accounting for over 54 per cent of the economy. With the ongoing vaccination drive, the services sector can expect to witness a revival.
Referring to the focus of the Summit on South India, Naidu said the aspiration for the southern region to become a $1.5 Trillion Economy by 2025 is certainly achievable. He advised the Southern States to focus on reforms, ‘Ease of Doing Business’ and adopt the best practices to attract investments.
Listing out the opportunities in the region, he said that South India combines manufacturing with services, culture with modern values and education with skills.
Pointing out that most of the Southern States rank amongst the top in terms of ‘Ease of Doing Business’ rankings, he cited entrepreneurship, skilled workforce, presence of reputed educational institutions, leading IT companies, modern medical infrastructure and excellent connectivity between important cities as some of the major advantages of the region.
While lauding the healthy competition among various States in the country to industrialize and attract investments, Naidu stressed the need for bestowing special attention on agriculture. He said there was a need to adopt a ‘positive bias’ towards agriculture to sustain the growth rate.
Chandrajit Banerjee, Director General of Confederation of Indian Industry, T V Narendran, President, CII, C K Ranganathan, Chairman, CII Southern Region, T T Ashok, Chairman, Mystic South and others participated in the event.