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Indian Express
3 days ago
- Business
- Indian Express
For a $5 trillion economy, India must embrace cutting-edge tech
The Indian economy is on the threshold of crossing another milestone and becoming the fourth-largest in the world. It is a commendable achievement for a country that began its journey as an independent nation in 1947 with a meagre $33-billion economy. Decades of British exploitation left it significantly weakened and poor. The Jawaharlal Nehru government's Soviet-style central planning, while promoting heavy industries and the public sector, led to low economic growth of 3-4 per cent, pejoratively described as the 'Hindu rate of growth'. In 40 years, it could only reach the $266 billion mark. The first major leap came in 1991 when the Narasimha Rao government introduced economic liberalisation and unleashed the potential of Indian entrepreneurs. The opportunity offered by the digital revolution with the introduction of the internet was quickly seized by some of India's brightest tech entrepreneurs. The Indian economy grew manifold in the next two decades on the strength of its services economy, which contributed 60 per cent of the nation's GDP. The economy crossed $2 trillion by the time the Narendra Modi government came to power. The last 10 years have seen the Modi government giving greater emphasis to faster economic growth through programmes like Stand-Up India, Start-Up India and Make in India. The results are there to see. IMF data from May has projected that the Indian economy will overtake Japan this year, reaching the $4.19 trillion mark. Japan was once a $5.8 trillion economy but has shrunk to $ 4.18 trillion due to stagnation and slow growth rates since the 1990s. As India demonstrated promising growth, naysayers rushed forward to raise the hollow bogey of per capita income. Per capita income is determined by factors like the size of the population. India is the world's most populous country. As a result, whatever may be the size of GDP, its per capita figures are bound to remain low. No country's growth can be measured on the criterion of per capita income alone. Although the US is the world's largest economy with a $28 trillion GDP, it ranks seventh in per capita. China, the second-largest economy with $18 trillion, ranks 69. The per capita argument is worthless because even if India becomes the world's largest economy with $30 trillion, it will still be ranked 55th in terms of per capita. The only merit of this argument is that the country should be able to provide better living standards to all its citizens. In democracies, the fruits of economic growth percolate to all sections of society. This is reflected in the consumption patterns. Surveys indicate that the monthly per capita expenditure (MPCE) has increased in India by more than 2.5 times in the last 10 years. Interestingly, most of this expenditure was on travel, health and education, indicating healthy growth parameters. Tourism has seen remarkable growth in the last 10 years. China still occupies the first rank in the number of domestic and international travellers. India lagged in this sector for decades due to a lack of disposable income and tourism infrastructure. But today, with the incomes of the middle class growing substantially, Indians have started travelling more. Data indicates about 2.5 billion domestic tourist visits last year. Figures for 2024 indicate that almost 29 million Indians travelled abroad marking a 30 per cent growth. All this indicates healthy economic growth, which has led to the near eradication of baseline poverty and the creation of a strong middle class with disposable income. The Modi government aspires to take the economy to further heights with targets ranging from $ 5 trillion in 2027 to $10 trillion in 2035. The current impressive growth is a result of corrective measures taken by the government. It removed parallel economy, allowed proper distribution of wealth and encouraged greater consumption. But the path from here needs to be calibrated carefully. Economies grow on the strength not just of consumption but also trade and technology. Quality, quantity and speed are the main determining factors. India and China were leading economies until the middle of the 18th century. But when the industrial revolution occurred first in England and later in America, those two countries surged ahead and became leading economic powers by the dawn of the 20th century. When automation and digitisation progressed in the last decades of the last century, China moved ahead of the curve, emerging as the second-largest economy by 2008. We are now in the post-manufacturing and post-digital era. Growth in frontier technologies will determine a country's economic future. A country of India's size and capability cannot just think perpetually in terms of catching up with the developed West and the rest. It has to, instead, think in terms of moving ahead of the curve. We missed the first two industrial revolutions as we were a slave nation at that time. We benefitted partially from the third, digital revolution of the 1980s and '90s and became a leader in sectors like IT services. But the Fourth Industrial Revolution, led by Artificial Intelligence (AI), quantum technologies, robotics, space, defence, crypto and bio-engineering calls for new thinking and new priorities. The impressive growth of the Indian economy in the last decade was largely due to the unleashing of its basic potential. The trajectory from here should be more strategic, with greater emphasis on deep-tech R&D, an area in which we lag. It is important to create a climate of hassle-free access to investments in these areas. Only then can India aspire to achieve its goal of becoming a $10 trillion economy in the next 10 years. The writer, president, India Foundation, is with the BJP
Hans India
24-05-2025
- Business
- Hans India
Collector pushes for investor-friendly environment to boost industries
Anantapur: District Collector Dr Vinod Kumar directed officials to create a conducive and investor-friendly environment to attract and promote industrial development in the district. Chairing the District Industries and Export Promotion Committee (DIEPC) meeting at the Collectorate on Friday, the Collector instructed departments to provide swift approvals for setting up industries. He emphasized the need for single-desk portal facilitation to provide all necessary permissions quickly and support entrepreneurs. The meeting approved a subsidy of Rs. 62.86 lakh for 21 units under the Industrial Development Policy. Officials were also instructed to process pending applications promptly through the Single Window Portal. The Collector called for expediting loans under the PMEGP and Stand-Up India schemes, ensuring no delays. Under the Vishwakarma scheme, eligible applicants should be identified and provided with training and financial support. He also encouraged SHGs and farmers to explore opportunities in banana fiber products such as bags and hats and raise awareness of loan schemes related to this. Additionally, 13 services related to the Industries Department have been integrated into the Mana Mitra WhatsApp service via APIIC, and public awareness initiatives on this are to be undertaken. The Collector extended his gratitude to Chief Minister Nara Chandrababu Naidu and Minister Nara Lokesh for facilitating the establishment of renewable integrated complexes and Harit Amrit industries in the district.
Time of India
20-05-2025
- Business
- Time of India
ITI drive to boost skill devpt, make UP youth job ready
1 2 Lucknow: The UP govt has rolled out the 'ITI Chalo Abhiyan' in a bid to enhance skill development and expand employment opportunities for the youth. Aligned with national flagship initiatives such as 'Make in India', 'Start-up India', 'Stand-Up India' and 'Digital India', the campaign aims to encourage admissions for the academic session 2025 in govt and private ITIs across the state. Emphasising vocational and technical education as the foundation of inclusive growth, the initiative focuses on equipping both rural and urban youth with industry-relevant skills to prepare them for gainful employment, officials said. Calling upon all district magistrates to support the campaign, principal secretary, department of vocational education , skill development and entrepreneurship, Hariom said, "The campaign will aid in a secure future for the youth and will position UP as a frontrunner in skill development." He added, "It's a golden opportunity for the state's youth to become self-reliant and contribute meaningfully to the nation's progress." To make the campaign a success, an extensive publicity drive is being carried out in all districts. Promotional materials, including posters and brochures, have been distributed to all ITIs. District inspector of schools and basic education officers have been directed to promote the campaign in schools to raise awareness among students and parents. Similarly, district panchayat raj officers have been instructed to publicise the initiative during gram sabha meetings. Block development officers will also hold sessions with gram pradhans and school authorities to mobilise participation at the grassroots level. Weekly review meetings, chaired by the chief development officers at the district level, will monitor the campaign's progress and ensure timely interventions, said a govt spokesperson. In collaboration with Tata Technologies Ltd, 149 govt ITIs in the state are offering 11 long-term training courses tailored to the demands of modern technologies and industries. These courses are designed to bridge the gap between education and employment, enhancing job readiness among students. Further, the department of vocational education recently signed MoUs with 22 industrial partners, paving the way for employment opportunities for 27,000 youth.
Hans India
15-05-2025
- Business
- Hans India
Disburse loans to beneficiaries under PM Surya Ghar: Collector
Puttaparthi: District Collector TS Chetan has directed bankers to extend loans to eligible farmers, handloom workers, and members of SC, ST, and BC communities across Sri Sathya Sai district. He emphasised the importance of verifying records thoroughly at field level and ensuring timely sanctioning of loans under schemes like PM Surya Ghar, Stand-Up India, and PMEGP. He chaired the District Level Bankers Committee (DLBC) review meeting for the financial year 2025–26 at the Mini Conference Hall of the Collectorate on Wednesday. He instructed the officials of all departments to coordinate closely with bankers to ensure that only eligible applicants receive the financial support. He called for joint efforts with banks to achieve steady district-level economic growth. Chetan urged officials to convene meetings at the constituency level to promote awareness and encourage applications for PM Surya Ghar scheme. He instructed that details of the meeting dates and venues be submitted within a week and that the entire process be organized under the supervision of SE, APSPDCL. He mentioned that agricultural loans worth Rs 7,054 crore were disbursed, against an overall agricultural loan target of Rs 9,772 crore. Under MSME, Rs 1,245 crore were sanctioned, and Rs 11,282 crore was released for priority sector lending. The total loan disbursement reached Rs 14,168 crore, exceeding the target of Rs 11,870 crore. Under the MUDRA scheme, Rs 534 crore was disbursed against a Rs 495 crore target. The Collector also emphasised providing loans to tenant farmers and FPOs using drones in agriculture. He noted that the government has allocated targets to banks under BC Corporation's self-employment programs, which must be achieved within the stipulated deadlines. During the meeting, the Sri Sathya Sai District Annual Credit Plan 2025–26 was released by the Collector.
Hans India
05-05-2025
- Business
- Hans India
SRM AP catalyses launch of 100 women-led Startups
Vijayawada: ADITRI, the flagship event by the Directorate of Entrepreneurship and Innovation, witnessed the launch of 100 women-led startups at SRM University, Amaravati. The momentous launch and machinery distribution & technical know-how transfer ceremony was inaugurated by Dr Chandra Shekhar Pemmasani, Minister of State for Rural Development & Communications, Government of India. Dr Pemmasani handed over machinery and certificates to the women entrepreneurs and stated, 'Everyone wishes to be an entrepreneur. But it takes perseverance, courage, and sacrifice to actually pursue that path. The women here have shown that with passion and initiative, anything is possible.' The Minister lauded the contribution of SRM AP University, the grassroot level efforts of its Centre for Social Entrepreneurship on achieving this huge social change milestone. He also enumerated the myriad schemes such as MUDRA, Lakhpati Didi, Start-Up India, and Stand-Up India, as well as the digital platforms such as Facebook, YouTube, WhatsApp, and so on, using which entrepreneurs can learn and grow. The event saw the participation of more than 1,500 individuals along with SRM AP's Vice Chancellor, Prof Manoj K Arora; Pro-Vice Chancellor, Prof Ch Sathish Kumar; Registrar, Dr R Premkumar, Deans, Directors, and members of the faculty, staff, and students. ADITRI, the Rural Women Micro-entrepreneurship initiative of SRM AP, is committed to empowering rural women, enabling them to be self-reliant, and improving their livelihood access. This mission also addresses critical gaps such as the lack of market access and resource acquisition.
