Table of Contents
Introduction
- In their remarkable press conference that took place in New Delhi, Union Minister of Commerce and Industry, Piyush Goyal revealed a publication that maps the India’s path of economic growth to 2047.
- The book ‘India@100: Envisioning Tomorrow’s Economic Powerhouse’ written by Prof K V Subramanian is a bravado effort to foresight the direction of the economic powerhouse of the future. It was held by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and signals a turning point in India’s debates concerning economic liberalisation and the country’s desire to be a developed economy by the time of its 100th year of independence.
The Book India@100 Launch Event
- The first event ‘India@100: Envisioning Tomorrow’s Economic Powerhouse’ was inaugurated as a major event involving all the stakeholders from government, industry and academia.
- Organized by the Associated Chambers of Commerce and Industry of India, the event underlined the propriety of this given publication in constructing visions of India’s economic future.
- Having stakeholders from different categories also emphasized the group’s desire to work towards fulfilling the vision set in the book.
The Book’s Vision
Economic Projections
- Prof. K V Subramanian’s book is an optimistic work that lays out a bold and very possible vision for India in economics.
- Running through this picture is the expectation that India could grow into a $5,500 trillion economy by 2047 marking the seventieth year of the country’s freedom.
- This projection is not a hopeful prognosis but a business plan that builds upon India’s assets and opportunities.
Comparison with Other Projections
- To provide context, the book juxtaposes its ambitious projection with forecasts from leading global institutions:
- Ernst & Young: Forces projection claiming India will be a $26 trillion economy by 2047.
- Goldman Sachs: Makes projections of India touching $50 trillion by the year 2075.
Growth Strategy
- To achieve this ambitious goal, the book outlines several strategic imperatives:To achieve this ambitious goal, the book outlines several strategic imperatives:
- Replicating China’s Growth Model: Hints that India could follow the high GDP growth rate noticed in China within the year 2000 and 2020.
- Sustained Growth Rate: This implies that it is still within advocates of an 8% annual growth rate in the coming few decades for the continually sound and strong economic development.
Minister Goyal’s Perspective
- Political stability as a catalyst The nature of the health sector and the growing awareness and demand for good health are some of the factors that have been widely researched to explain the growth of health facilities in different regions.
- On the occasion of the launch, Minister of Railways and Consumer Affairs, Piyush Goyal said that political stability is cardinal to continuing with this process and achieve economic growth rate. In India, he said, he was confident of the country being able to have a stable government for at least the proximate 20-25 years that are necessary for the consequential economic policies u0026reforms.
Long-term Stability
Subsequently, Goyal stressed the need to have a stable political environment that can enable long term planning. He pointed out that only when political stability is maintained, continuous sustainment of these policies could be done so as to ensure that by attracting long-term investment, the grand vision laid out in the book could be achieved.
Growth Enabler
- While referring to the situation that prevailed in India during past few decades, minister Goyal pointed out that it is not about political stability being a passive context for development but being a catalyst for it.
- Stability in management brings into reality long term and harmonious policies that can be implemented on people to boost their economic sectors.
Sectors of Focus
- Mr Goyal listed several core areas which, in his view, would be the focus areas during India’s process of becoming a developed country.
- These sectors are very crucial in attaining the objectives that are outlined in ‘India@100: Envisioning Tomorrow’s Economic Powerhouse’.
Infrastructure Development
- Another principal of the economical evolution in India is establishing the competitive and qualitative infrastructures of the world.
- Goyal underscored the urgent need of sparing very big amounts for infrastructure development to complement and continue the economic growth.
- This involves the construction of transport systems, social enabler and information technology and communication networks, which are defined by today’s economic competitive environments.
Tourism
Thus, there are great prospects for the tourism business in India due to its cultural and geographical diversity. It is in this regard that Goyal noted that by unlocking these assets tourism will be benefitted hence resulting to job creation and increased revenues. Appring the same way, the promotion of Tourism in India can make a positive impact to the world and increase ed visits by foreign tourists.
Manufacturing
Thus, improvement of manufacturing capacities in India is prerequisite for economic development. Schemes like ‘Make in India’ will make envision India a manufacturing hub of the world. He mentioned that development of manufacturing capacities would not only generate employment but at the same time would lead to the reduction of import and increase in export.
Shipping
There is a great need to build up India’s naval construction, for it is of great importance for trade and economic growth in India. Goyal stressed the need to improve the port infrastructure, manage shipment facilities and the overall maritime communication to help increase the export-import business between India and other countries. Basically, a healthy and effective shipping business would provide for efficient trade operations.
Technology
Technology solutions are a clear way of creating value which is important for the economic growth and development. In his remark, Goyal stressed coming up with new technologies, funding for research, as well as developing awareness towards new creations. Thus, technology can be used as a tool to increase the efficiency, quality of services, and generate new employment avenues in India.
Conclusion
- The kick-start of the latest book by Piyush Goyal- “India@100: Envisioning Tomorrow’s Economic Powerhouse” is one of the major milestones on the way to transformation of India into developing country.
- It offers an ambitious and purposeful direction regarding India’s future development with explicit focus on political certainty, infrastructure, employment, and optimal utilization of select domains such as travel, production, shipping, and technology. With India dreaming of a $ 55 trillion economy by 2047, the knowledge and the methods explored in this book are helpful to enable the policy makers, corporate and business world and any participant who are interested in the country’s vision.
FAQS
Q1: What is the title of the book launched by Piyush Goyal?
Ans: The book is titled “India@100: Envisioning Tomorrow’s Economic Powerhouse.”
Q2: Who is the author of “India@100”?
Ans: The author of the book is Prof. K V Subramanian.
Q3: What is the primary vision outlined in the book?
Ans: The book envisions India becoming a $55 trillion economy by 2047, the centenary year of its independence.
Q4: What event marked the launch of this book?
Ans: The book was launched at a high-profile event organized by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) in New Delhi.
