New Delhi, 7 November 2024: “India is one of the shining stars on the global horizon, policy consistency and reforms has led to a spectacular growth path. We ended last fiscal year at about 8.2% growth rate and are poised to be the third largest economy by 2027. Today, our contribution to incremental global growth is about 20% and which will only increase.” said Shri. BVR Subrahmanyam CEO, NITI Aayog at a special industry interaction organised by ASSOCHAM.
“The first shot at liberalisation in the 90’s unleashed a lot of hidden talent within our people resulting in the first big wave of growth. Earlier reforms used to be reform by stealth, but in the past 10 years there has been a dramatic change in terms of reforms and commitment to reforms. Reforms like the setting up of the Insolvency board, GST and focus on digital infrastructure has, from a business point of view, made life much easier. We are the world’s largest population. This is a big asset because for the next 100 years, the global population is going to decline. We will become the factory and the service center of the world because we have the people who will do the work”, he said.
“We are at 10% of our potential and we have a lot of work to do. To achieve Viksit Bharat by 2047, India will have to be a construction site and that India which we built should be green and sustainable to global and domestic finance. I believe that we can surely live up to that potential. The government has done a very good job by taking capex to GDP ratio to 3.2 from the traditional 1.4. Corporate tax rates today in India are comparable to the best in the world and 40% of India’s exports are from MSMEs. The credit guarantee scheme for MSMEs should be continued longer because that has actually been a lifeline, and it has helped the industry recover very fast after COVID.” He added
Addressing the gathering at the session, Mr. Sanjay Nayar President ASSOCHAM said that there is significant policy consistency and a series of impactful reforms that have supported economic progress. He pointed out the marked uptick in the Real Estate Sector indicator of broader economic momentum. He also emphasized the government’s successful push for digitisation, which has enabled deeper penetration of subsidies and reforms across the system.
He underscored the improved strength of financial institutions, particularly stronger banks, and highlighted the robust performance of the stock market, marked by increased foreign investor participation.
