According to Niti Aayog CEO Amitabh Kant, the Indian economy is expanding at a 9.2 percent annual pace and is anticipated to develop at a similar rate in the next years. Kant stated that the government’s production linked incentive (PLI) program for sunrise industries will add USD 520 billion to India’s productivity over the next five years and integrate India into the global supply chain.
“Today India is witnessing unprecedented levels of economic development and technological disruptions. The economy is growing at 9.2 percent and is expected to grow at similar rates in the coming years, making us one of the fastest-growing large economies in the world,” Kant said at an AIMA event.
He added that the Government has taken various efforts to increase efficiency, including several changes such as GST, the Insolvency and Bankruptcy Code, and the reduction of corporate taxes. Kant remarked that this will contribute to India being a global manufacturing champion and manufacturing powerhouse.
The administration has implemented solid infrastructure projects such as the National infra asset monetization pipeline and PM Gati Shakti. “The combined effect would ensure the development of a world-class infrastructure with the participation of both – the government and the private sector,” Kant said.
Kant emphasized that adopting technology will be essential for future development and relevance. With 814 million internet users and 85 unicorns, India has already achieved in developing a technological ecosystem.
While referring to the COVID-19 epidemic as a “black swan” occurrence, Kant stated that it introduced new difficulties and challenges that necessitated the development of new tactics to overcome.
“This also helped to identify new opportunities which contribute to the strengthening of the position,” he added. Numerous government policy initiatives and the use of technology, he believes, are driving India’s ambition to become a worldwide powerhouse of technology and economic progress.
