INDIA: PUSHING THE RIGHT LEVERS
With consistently high rates of economic growth and enormous potential, the Indian economy has truly taken global centre-stage. India’s stupendous rise on the global stage is being driven by a slew of factors - strong institutional infrastructure, favourable demographic profile, skilled workforce, an emerging middle class, a dynamic entrepreneurial culture, rising productivity, a resilient private sector, rapid technological advancement, etc.
In the past few years, a strong reform driven approach by the Government of India has further bolstered economic progress. The government has taken several key initiatives to enhance Ease of Doing Business including Make in India (to boost investment) Merchandise Exports from India and Services Exports from India schemes (to promote exports), Government e-Marketplace to boost procurement. Introduction of the landmark Goods & Services Tax promises a transformational impact in economic growth. Startup India has adopted an institutionalised approach to promoting new enterprise in collaboration with all stakeholders, and this promises to play a disruptive role across sectors of the economy in the coming years. Meanwhile, the country is making great strides as an investment destination as well as a prominent exporter across a number of sectors, including automotive, IT, engineering, food processing, chemicals, renewable energy, pharma and healthcare, services, telecom, textiles, etc.
Besides the visible dynamism in business, proactive measures are being taken to ensure that development in India is holistic and caters to the growing aspirations of its people. While Smart Cities Mission addresses the rapid needs of an increasingly urbanised India, policy initiatives like Swachh Bharat addresses the critical area of cleanliness. Progressive increase in renewable energy capacity, where India has huge latent potential, promises to usher in a clean energy future. Digital India is ensuring greater transparency and impact for governance, and the proliferation of e-commerce promises interesting possibilities for retail. JAM Trinity is proving to be a boon for ensuring direct transfer of benefits to the poor, and on the other hand, Ayushman Bharat aims to provide them much needed health cover that will help secure their future.