India’s economic growth: India at a tipping point, inevitable that we will be in top 3 nations by GDP soon, says DPIIT Secy
“In 2012, we were at number 11 at GDP rankings, today we are at number 5, jumping 6 places, it is inevitable that we will go onto number 3 position in next 2- 3 years,” he said at a panel titled “Future of Competitive India: Should India Have an Integrated Trade, Investment & Industrial Policy?”
Singh emphasized India’s position as a historical behemonth, saying it will regain its glories fueled by sustained growth and strategic government initiatives.
“There is also not much doubt that we are at a tipping point in our history, when we are perhaps on the back of sustained growth rate, in a position to regain our historical share in global trade and investment,” Singh said.
The DPIIT Secretary credited the government’s substantial investments in infrastructure for this momentum, stating, “There is no doubt that under this government, the take-off point has been reached. Through its combination of huge unparallel levels of investments and infrastructure, both physical and digital, by providing from a rate of about 1.7 per cent of our GDP going through public sector capital formation to nearly 3.2 per cent of GDP today, which is translating itself into the roads, expressways, new airports. That is really triggering the momentum in our growth story.”
Singh also extolled India Inc’s participation in the country’s growth, saying that the private sector would also step up , saying that “from the private sector we are hoping that they will come forward with significant announcements as well.”The session also underscored the impact of the Business Reforms National Plan, which has driven significant reforms at the state level.”Our Business Reforms National plans has been the trigger for a lot of reforms that you see at the state levels whether it is in terms of online building permits or online water connections, power connections, whether it is movement made in terms of property titling being brought online at least in some of the southern states,” Singh said.
In his address, innovations like online building permits, water and power connections, and property titling in southern states were highlighted.
Singh chose to center the country’s Production Linked Incentive (PLI) scheme in his address, which he described as the cornerstone of India’s industrial policy.
“PLI is the center piece of our industrial policy. In terms of share numbers, we have so far created almost 1.13 lac crores of investments, over 9 lac crores of sales, over 8 lac of employment and exports of 3.45 lac crores particularly through the contribution of sectors like electronics manufacturing, pharma, food processing, telecom, and other products”, Singh added.