Emphasis on education, technology vital for India to become USD 7-8 trillion economy by 2030
New Delhi [India] June 9 (ANI): India's aspiration to become a USD 7-8 trillion economy by 2030 requires emphasis on advancements in education and technology, say experts at the recently concluded Indian Global Innovation Connect (IGIC) 2025 in Bengaluru.Technology adoption, especially technologies like GIS (geographic information system), emerged as a pivotal driver, with discussions centred on AI integration, digital transformation, and advanced manufacturing. This technological push, however, is inextricably linked to the quality and relevance of education, the experts said while addressing policymakers, industry leaders and economists.'GIS and AI are coming together in powerful ways to support India's vision of becoming a $7-8 trillion economy. Whether it's bringing rural land into productive use through initiatives like SVAMITVA, enabling smarter infrastructure monitoring, or driving efficiency in agriculture and crop planning, these technologies are already creating real impact,' said Agendra Kumar, Managing Director, Esri India.The GIS landscape in India has been undergoing significant transformation, with new-age technologies opening up tremendous possibilities across various sectors. Globally, the rapidly expanding GIS market is projected to reach a massive USD 24.61 billion by 2034, demonstrating a compounded annual growth rate of 8.71 per cent over the next decade, according to a report by Precedence Research.
The speakers at the event underscored the urgent necessity for a strategic overhaul of India's existing economic frameworks and the rural development and industrial expansion was also considered as a vital means to acheive $7-8 trillion economy by 2030.
Speaking on India's potential, Claude Smadja, Chairman of Smadja & Smadja Strategic Advisory and former MD of the World Economic Forum, said, 'India has the potential to become a 7-8 trillion-dollar economy, but this will require clear focus and timely execution. No country has achieved sustained growth without a strong industrial base, and India must increase its industry share while also investing more in R&D, particularly from the private sector.' Industrial expansion, particularly in sectors such as clean energy, defence technology, and advanced manufacturing, was also identified as pivotal for fostering economic resilience and scaling job creation. However, the recurring theme was that the skilled workforce required for these sectors will largely emanate from a responsive and forward-looking educational system.Additonally, the speakers at the event underscored the urgent need for a strategic overhaul of India's existing economic frameworks, and the rural development and industrial expansion were also considered a vital means to achieve a USD 7-8 trillion economy by 2030. As India strives to become a developed nation by 2047, GIS is expected to play a major role in facilitating the country's ambitious plans for urbanisation and citizen well-being. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
39 minutes ago
- Time of India
India-EFTA trade pact likely to be implemented from September: Piyush Goyal
India and EFTA's trade agreement may start in September. Piyush Goyal mentioned this after the agreement was signed on March 10, 2024. India will receive USD 100 billion investment in 15 years. Approvals are in progress. Goyal is in Switzerland to boost trade. Swiss firms are interested in pharma and cybersecurity sectors. There is excitement for India. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The free trade agreement (FTA) between India and the four-nation European bloc EFTA is likely to come into force from September, Commerce and Industry Minister Piyush Goyal said on two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates, and cut and polished diamonds at lower or zero European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland."It will enter into force by September," Goyal told said the agreement has received approval from the Parliaments of all four countries. In Switzerland, there is an objection period open until July 10. July and August are holiday months is here for an official visit to meet leaders and businesses to promote trade and investments between India and said he held bilateral meetings with over a dozen companies here and most of them are keen to invest in Swiss firms have shown interest in sectors such as pharma, cybersecurity, and machinery manufacturing, he said."Lot of excitement here for India," he said.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
RBI to end daily VRR auctions from June 11 as liquidity improves
The Reserve Bank of India on Monday said the daily Variable Rate Repo (VRR) auctions to infuse short-term liquidity in banks, introduced on 16 January this year, will be discontinued from Wednesday. The move comes as banking system liquidity has improved significantly. Net liquidity was in a surplus of Rs 2.45 trillion on Sunday, latest RBI data showed. '...on a review of current and evolving liquidity conditions, it has been decided that the daily VRR auctions, as announced in the above press release, will be discontinued with effect from 11 June 2025, Wednesday,' the RBI said. On Monday, against a notified amount of Rs 25,000 crore, banks bid only for Rs 3,711 crore, reflecting muted demand. The daily VRR auctions were introduced in response to tight liquidity caused by tax outflows and intervention in the foreign exchange market. On 15 January, the banking system was in a net liquidity deficit of Rs 2.22 trillion. The central bank was also conducting long-term VRRs, OMO purchases, and swap auctions in a bid to infuse durable liquidity into the system. As liquidity conditions improved by the beginning of the current financial year, the RBI gradually reduced the size of the daily VRR auctions, followed by a reduction in the frequency of 14-day VRR auctions. During the review, the RBI also cut banks' cash reserve ratio requirement by 100 basis points to 3 per cent in four tranches starting September. The reduction in CRR is expected to infuse Rs 2.5 trillion of primary liquidity into the banking system by the end of November. 'This goes well with their neutral stance where they said they would act according to the evolving conditions,' said the treasury head at a private bank. 'The daily VRRs were for short-term liquidity infusion, which is not required right now,' he added. Since January, the RBI has injected Rs 9.5 trillion of durable liquidity into the banking system. This helped shift liquidity conditions from a sustained deficit since mid-December to a surplus by end-March. The transition was reflected in muted demand for daily VRR auctions and elevated Standing Deposit Facility (SDF) balances, which averaged Rs 2.0 trillion during April–May. Of the total liquidity injection, Rs 5.2 trillion came through open market purchases (including secondary market purchases), while long-term VRR auctions and USD/INR buy-sell swaps added Rs 2.1 trillion and Rs 2.2 trillion, respectively. Banks park their excess overnight funds with the RBI through the SDF window. 'The decision was along expected lines, given the surplus liquidity and the lack of demand at VRR,' said a dealer at a state-owned bank. 'The RBI governor said on Friday that they will now take decisions according to requirements. We don't need daily VRRs right now—the CRR cut will suffice for transmission. Government spending will also kick in, which will support liquidity,' he added.
News18
an hour ago
- News18
QRSAM Air Defence System To Bolster India's Frontline, Nod Expected Soon: Report
Last Updated: The Indian Army may soon acquire a new indigenous QRSAM system, costing Rs 30,000 crore, for deployment along western and northern borders The Indian Army may soon get a new indigenous surface-to-air missile system. The development comes at a time when Indian air defence systems are making headlines for successfully bringing down missile and drone attacks launched by Pakistan in the aftermath of Operation Sindoor. The proposal, which would cost Rs 30,000 crore, is scheduled to be taken by the Ministry of Defence for buying three regiments of the home-grown Quick Reaction Surface to Air Missile system (QRSAM) for deployment along both western and northern borders, news agency ANI reported. The meeting of the Defence Acquisition Council (DAC) is planned to be held around the fourth week of June. The QRSAM, developed by the Defence Research and Development Organisation (DRDO), is configured on highly mobile platforms and is capable of providing air defence on the move. QRSAM Features The Quick Reaction Surface-to-Air Missile (QRSAM) is a short-range air defence system developed to safeguard moving armoured columns from aerial threats. With an operational range of approximately 30 km, it complements existing systems like the Akash and MRSAM in the short-to-medium range category. QRSAM is equipped with capabilities for surveillance and tracking while on the move and can engage targets during brief halts. It features an active phased array surveillance radar with a detection range of up to 120 km and a tracking radar effective up to 80 km, integrated with Identification Friend or Foe (IFF) technology. The system is designed for multi-target engagement and can counter threats from aircraft, hovering helicopters, UAVs, and other airborne targets. Indian forces had not deployed air defence systems and missiles in active operations since the Kargil War. However, this changed following the April 22 Pahalgam terror attack that claimed 26 lives, when India launched BrahMos missiles to strike terror camps in Pakistan and Pakistan-occupied Kashmir (PoK). First Published: June 09, 2025, 20:31 IST
