Venkaiah Naidu said that India has been one of the 18 best performing emerging economies in the last decade.
Vice President M. Venkaiah Naidu on Thursday called upon the industry to work with the government to implement various reforms to pave the way for sustained economic growth in the coming decade.
Speaking virtually at the ‘Mystic South, Global Linkage Summit – Towards a $1.5 trillion economy by 2025’ organized by an industry body, he said India is now at a turning point in regaining its growth.
Noting that the central government has taken several steps to revive the economy, he said that the industry should rise to the occasion and ensure that the upward growth continues. Shri Naidu felt that the need of the hour was to bring the economy back on a high growth track by 2030 and initiate action that would generate gainful employment for lakhs of workers.
Stating that an annual GDP growth rate of 8-8.5% coupled with sustained productivity growth would be required to encourage entrepreneurship, create jobs and drive balanced growth, Shri Naidu said that India has outperformed 18 in the last decade. One of the emerging economies to
According to an official statement from the Vice President’s Secretariat, Shri Naidu said that India needs to move forward to achieve the required employment and productivity growth.
“Global trends such as digitization and automation, urbanisation, rising incomes, sustainability, health and safety are taking on a new importance in the wake of the pandemic,” he said.
“For India, these trends can catalyze growth and become the hallmark of a post-pandemic economy”, he felt.
The Vice President also called for creating global hubs in manufacturing, agricultural exports, digital services, next-generation financial products, high-efficiency logistics, power, the sharing economy and modern retail.
Referring to the importance of the service sector in the Indian economy, he said that it currently accounts for more than 54% of the economy. With the ongoing vaccination drive, a revival can be expected in the service sector.
On the focus of the summit on South India, Mr. Naidu said that the aspiration of the southern region to become a $1.5 trillion economy by 2025 is certainly achievable. One trillion is equal to one lakh crore.
Shri Naidu advised the southern states to focus on reforms, ‘ease of doing business’ and adopting best practices to attract investments.
Mentioning the opportunities in this sector, he said that South India combines manufacturing with services, culture with modern values and education with skills.
Stating that most of the southern states top the ‘Ease of Doing Business’ ranking, he cited entrepreneurship, skilled workforce, presence of reputed educational institutions, major IT companies, modern medical infrastructure and excellent connectivity between important cities. Gave. Some of the major advantages of the sector.