India Targeting Global Superpower Status Before 100 Years of Independence
India's economy is growing faster than any other country globally, remaining steadfast as the world's fifth largest as we head towards the end of another financial year. Independent India envisages becoming not only a developed country but also an inclusive and sustainable global powerhouse as she turns 100 in 2047.?
Moving in that direction, the government is focusing on the India Competitiveness Initiative framework for long-term economic growth. To enhance our country's business environment even further, the Economic Advisory Council to the Prime Minister (EAC-PM) released a blueprint outlining the guiding principles to create a lucrative yet competitive playground for both homegrown and foreign companies.?
The competitiveness initiative encompasses sector-specific and region-specific strategies to ensure the country provides a healthy business ecosystem for companies and individuals. In what is called the 4S principles, India is laying the groundwork to become an economy that?
It is a good start, a visionary one. The country has huge potential to become a superpower, given that global industries and manufacturing companies are already knocking on India's doorstep. And the fact that we have a young and high-performing population as one of the major contributors of the global workforce to drive operations of foreign companies is a matter of pride.?
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Moreover, India has consistently improved its ranking in the Ease of Doing Business index. Since the economic liberalisation in 1991, the country has reduced nearly 39000 compliances and decriminalised over 3400 legal provisions. The Ministry of Finance has also been working on unifying the filing processes with integrated systems.?
However, regular assessment of the impact that the reforms will leave behind in the coming 25 years would truly make a difference. Considering India's immensely dynamic consumer portfolio, the government will also have to recognise the challenges that need strategic tackling. It cannot overlook the fact that the new-age, tech-savvy youngsters will be the ones who will drive the demand in the market, and it is imperative that the foreign companies the country invites do not become obsolete as this generation of buyers becomes the decision-makers in the future.?
Another area that would require major transformation is business-supporting infrastructure and connectivity. While India has one of the largest networks of state-run railways and over 200 airports, freight corridors and air cargo needs serious rethinking if the country has to meet the rising global cargo transport demand. And although the Competitiveness Initiative plans to amplify the cargo handling capacities of Indian ports by four folds, it has to first focus on a truly optimised integrated system of road, rail, water and air transport to facilitate the international mobility of goods. Not to mention the need to find an energy-efficient way to streamline the resources.
Attaining India's centennial vision of hitting the USD 26 trillion GDP mark will require a carefully measured strategic approach – from forming bankable bilateral partnerships with other nations to harnessing the potential of what we have at home and revisiting policies and regulations to developing more robust business-friendly ones.