Before Covid-19 impacted the Indian economy, the Indian government rolled out initiatives to inspire growth in core sectors like finance, agriculture, health and education in the form of missions and schemes. The advent of Covid-19 and its subsequent second wave has been a series of unfortunate events not just for India but globally as well. But these unprecedented times has forced humankind to take unprecedented actions.
India, New world, new perspective
The world dynamics are constantly changing and with the fourth industrial revolution at its dawn, it is almost a mandate that our nation breaks through and transform itself into a sustainable and developed economy. This can be achieved by transforming entire systems of production, distribution and consumption. Given, the natural and human resources that our country is gifted with it is paramount that we accelerate towards this common goal and achieve what our forefathers envisioned for us. As more countries are pushing towards self-sufficient and sustainable strategies of growth, India has positioned itself in the right way as we look to move ahead with the goal of ‘Atmanirbhar Bharat’.
What needs to be done?
• Global alliances and Free Trade Agreements –
While improving domestically, India should also promote and propel global alliances and partnerships. Maintaining strong relations with global organisations like WTO and also with individual countries at a quid pro quo capacity that is healthy, sustainable and in line with progress for both economies. A right step in this direction is the creation of IFSC at GIFT City. Opening of this avenue has created a whole host of new opportunities and with this change, good things are bound to happen.
• Boost exports and Make in India
The Chinese economy was built on the country’s ability to export almost everything it produced. With the quality of resources, India has both natural and human, we are set up in an optimum way to unlock India’s capacity to export. ‘Make in India’ a concept turned initiative by the current government aims to achieve this but it can be a reality only when we as Indian’s realise the importance of it. Self-sustenance will create the future we want.
• Ease of Doing Business
The countrywide lockdown which was a result of Covid-19 pushed most organisations, from across the industries and sectors, to transform themselves into digitised, functional units. What is now a crisis management tactic should become a norm for the future. Companies, institutions and governments alike should look to reduce compliances simplify processes.
• Separate Cell / Vertical and incentives to Promote Next – Gen Technologies
Next-gen technologies such as artificial intelligence, internet-of-things, and robotics should be promoted to keep in line with the fourth industrial revolution. The recent unprecedented success of BSE can be attributed to this very fact, and the Sensex being a key indicator of the national growth, it is clear that technology-based industries (fin-tech, agro-tech, healthcare tech etc.) are the future.
India’s bold vision to become a $5 trillion economy is now more achievable than ever. In spite of the pandemic, a rise in the number of investors was observed which is a testament to the overall positive sentiment of Indians. BSE-listed companies also recorded a market-cap milestone of $3 trillion showcasing India’s strive towards excellence. With a series of efficient and calculated measures and forming the right kind of partnerships focused on building the country’s future, India can soon become a dominant world power. Movements like ‘Make in India’ is not just a current fad but in fact a key principle on which this country got its freedom. Although the past year and a half have been tragic for lakhs of families across the country, it is our sheer determination and a never-back-down attitude as a community that has helped us not only survive but thrive.
