Theme Of The Congress
"Engineers for Viable Technology and USD 5 Trillion Economy"
India has emerged as one of the fastest growing major economy and is expected to be one of the top three economic powers in the world over the next 10-15 years, backed by its robust domestic consumption and demographic dividend. Govt of India has set a target to emerge as a $5 trillion economy by 2025. The pandemic has made the achievement of this target more challenging.
Currently, India’s GDP is about $2.78 trillion. India’s nominal GDP, estimated at about $2.74 trillion in FY20 prepandemic, shrank to $2.66 trillion in FY21. While attaining this milestone within four years is indeed demanding, the growth in the key segments of the economy, Agriculture, Industry and Service need to fire in achieving this target.
Agriculture has not just survived but thrived through Covid. Agriculture reforms can address income volatility of the farmers through improved market access, enhanced productivity, and modernised infrastructure. The reform process will also give a boost to the Agro Chemical industries, Food processing sector etc.
To achieve India’s ambitious goal to be a USD 5 trillion economy by 2025, strong infrastructure growth is essential. In particular, the success of India’s manufacturing sector and the focus on “Make in India” are directly influenced by how strong the backbone of India’s infrastructure is. India needs to focus on building new cities, ports, bridges, highspeed rail and highways. Projects as part of National Infrastructure Pipeline (NIP), with capital spending of $1.4 trillion, should be expedited and monitored against timelines.
The way India has handled the COVID19 vaccination project indigenously for its 1.3 billion people is commendable and insures it from any future economic disruption from COVID 19. This momentum should be capitalized to fully vaccinate our population. This is in line with the initiative of the Government for “Atmanirbhar Bharat”. Investment in several sectors needs to be given priority to take advantage of China Plus One strategy. Land reforms, along with attracting longer-term capital, will support the “Make in India” initiative.
The services sector has suffered heavily during Covid-19 pandemic. But one of the services sector that gained from the pandemic situation is the software services sector which is an unexpected beneficiary, with surging global demand for digital services, reviving client additions, topline growth and most important, hiring. Another segment where there is immense growth potential and is the health-care system.
However, the challenge is to attain growth in an environment-friendly way. The country has committed to achieving Sustainable Development Goals adopted by the United Nations and also wishes to play its role in addressing global concerns such as climate change. India is committed to implement the SDGs based on the nationally defined indicators responding to national priorities and needs. NITI (National Institution for Transforming India) Aayog has mapped the SDGs with centrally sponsored programs of different Central Ministries/Departments. Following its commitment towards achieving the SDGs, Government has also initiated a series of nation-wide welfare and developmental programs. The Government is committed to ensuring “Sabka Saath, Sabka Vikas, Sabka Vishwas” in the spirit of the Sustainable Development Goals’ motto of “Leaving No One Behind”.