Kant: Infra, structural reforms & digitisation leading India growth
The G-20 Sherpa of India, Amitabh Kant, on Friday, said that the four key components of India’s growth story, of what makes it lead the way on the high table, include structural reforms, huge infrastructure creation, a huge amount of digitalisation which has transformed the lives of citizens to improve productivity, and great focus on energy transition.
The energy transition has been a very big transformation in the country. Therefore, India’s story is going green and digital in a very big way, he said.
“All of these four have converged together to make India’s growth at a high range of 8.4 per cent at a time of global slowdown. The global economy is slowing down and at this point in time, India is an oasis of growth in the midst of a barren economic landscape across the world.
“India is on a once-in-ageneration economic shift towards a high-growth trajectory. The challenge for India is that it needs to sustain and accelerate the pace of this in the next three
decades to be able to grow at high rates of 9 to 10 per cent,” said the G-20 Sherpa.
Mr Kant was speaking on the theme of “India on the High Table - Leadership in G-20” at Capital Talks held by O.P. Jindal University and others.
Talking about the economic growth of the country, Mr Kant said that India’s growth story is taking place at a time when global trade has slowed down, protectionism has come in, and global value chains are disrupted.
“So, the huge challenge for India is to accelerate the pace of growth. As India’s growth story is largely in the services sector, the nation needs to ensure it
becomes a manufacturing nation soon,” he said.
While delving into the current geo-political crisis, Mr Kant said that the world is geo-politically going through radical changes and a seismic shift is taking place that is very important to discern.
“The first is that the big power rivalry is back centre stage. The consensus built post World War 2 which was the establishment of the United Nations and international financial institutions among others has all broken because in the heart of Europe has been a war that has been going on for three years. And, the Russian-Ukraine crisis is the centre of big power rivalry,” he said.