Latest news with #StanfordUniversityCalifornia
The Hindu
22-04-2025
- Business
- The Hindu
India aims to double share of manufacturing in GDP to 23% helped by sunrise sectors: FM
Finance Minister Nirmala Sitharaman on Monday (April 22, 2025) said India plans to increase the share of the manufacturing sector from 12% to 23% over the next two decades, aiming to create jobs and drive economic growth. India is focussing on 14 identified sunrise sectors like semiconductors, renewable energy components, medical devices, batteries and labour intensive industries, including leather and textile, to enhance the share of manufacturing in GDP, she said while speaking at Hoover Institution at Stanford University California. For India, she said, "scaling up manufacturing is essential to absorb a youthful workforce, reduce import dependencies and build competitive global supply chains". Observing that the world is undergoing a complete reset with regard to manufacturing in the view of industrial revolution 4.0, she said, India, too, is witnessing changes. "In India's GDP, the service sector's contribution is about 64% and if that is one side, at the lower end, the gig economy's growth is rapid. In fact, if 7.1 million people are in the gig economy today, as of 2021-22 data, we expect that to go to 230 million by 2030. That's not manufacturing," she said. "So the service sector disproportionately contributes both to the GDP and to employment… but that's not to say manufacturing should be left aside. We have been hoping to increase the contribution of manufacturing from 12% to about 22-23%," she said, replying to a question as to what share of jobs the manufacturing sector will account for in the next decade, or by 2047. The government has identified 14 sunrise sectors - semiconductors, renewable energy components, medical devices, hydrogen mission, batteries and so on in order to strengthen manufacturing and introduced the production-linked incentive (PLI) scheme to promote them. PLI is being offered to sectors that also have greater employment potential like electronic goods and similarly labour intensive sectors like textile and leather. Highlighting the importance of manufacturing sector, she said, it binds societies and lends cohesion to communities by providing employment opportunities and financial strength to communities. For long-term growth, she said, manufacturing emerges as a key engine for transformation. "Manufacturing has historically been a cornerstone of the economic transformation of nations from 19th century Britain to 21st century East Asia. It creates a forward and backward linkages, catalyses skilling and pushes demand for infrastructure and governance reforms," she said. On the recent tariff-related actions by the Trump administration in the U.S. and its impact on India, Ms. Sitharaman said when there is stability in government, consistency in policy, a predictability in tax regime, investments and growth can be planned and executed to a large extent.
&w=3840&q=100)
Business Standard
22-04-2025
- Business
- Business Standard
Bold reforms, capacity boosts key to India's growth in next two decades: FM
India's quest for sustained growth over the next two decades hinges on a new paradigm, driven by bold reforms, enhanced domestic capabilities, and strategic institutional collaborations suited for the evolving global landscape, Finance Minister Nirmala Sitharaman said on Monday. The last two Union Budgets have laid the groundwork for this transformation, with a clear multi-sectoral policy agenda, she said, while speaking at Hoover Institution at Stanford University California. In the last decade, she said the government has undertaken structural reforms, rationalising over 20,000 compliances, decriminalising business laws and digitising public services to reduce friction. She further said a significant thrust on infrastructure development has also created a strong foundation for manufacturing-led growth by bolstering investor confidence over the last 10 years. This has been enabled by a more than four-fold increase in the union government's capital expenditure between 2017-18 and the 2025-26 Budget, she said. "Our experience with implementing the Business Reform Action Plan by different state governments has demonstrated that deregulation is a powerful catalyst for industrial growth," she said. Going forward, the Finance Minister said, sustaining India's growth momentum calls for a fresh approach of bold reforms, adaptive strategies in line with changing global landscape. "Over the next two decades, sustaining India's growth momentum calls for a fresh approach grounded in bold reforms, stronger domestic capacities, renewed institutional partnerships and adaptive strategies suited for the evolving global landscape," she said. India has set a goal to become a developed nation by 2047, the year when the country would enter the 100th year of its independence from British rule. "As we lay the foundation for a developed India, we must stay committed to long-term goals, without losing sight of present realities. The global order is changing. That poses challenges but also opportunities. We must be prepared to tackle the former while seizing the latter," she said. India's journey to become a 'Viksit Bharat' by 2047 is not merely an aspiration but a shared national mission powered by a vision for inclusive, sustainable, and innovation-led growth, she said. Despite the pandemic shock and a banking crisis, she said, "our progress over the past decade, anchored in strong macroeconomic fundamentals and steady reforms, gives us confidence and direction for the road ahead." As a result, she said, India has risen from the world's tenth-largest economy to the fifth-largest. Quoting a report by Indiaspora and BCG, she said, Indian first-generation immigrants founded 72 unicorns between 2018 and 2023 and these unicorns were worth at least USD 195 billion in valuation and employed nearly 55,000 people. More than 65 per cent of Global Capability Centres (GCC) in India have their headquarters in the US, she said, adding, these GCCs provide high-value-added, bespoke services in areas such as R&D, management consulting and auditing. Observing that the US is a mature start-up hub which has developed over 50-60 years, while India's start-up journey is a nascent one, she said, "over the course of the last decade, the government's focus was on reducing the cost of entrepreneurial risk-taking by removing regulatory and infrastructural barriers." Some of the works done in India stand out and one such example is that of Digital Public Infrastructure (DPI) and its success, she said. More than a billion digital identities have been created using DPI, she said, adding, using these digital identities bank accounts of people were created and during Covid-19 pandemic, money was transferred by the government in a click of a button. "DPI also was useful in administering vaccines during Covid-19 pandemic. In my interactions with the G20, the World Bank or the IMF, this singular population-scale achievement of India is repeatedly lauded," she said. Speaking about the government's thrust on small and medium business, Sitharaman said, a vibrant and thriving network of small and medium enterprises is essential for domestic manufacturing growth. The government has undertaken numerous initiatives to support MSMEs, from easing access to credit, redefining size thresholds, facilitating prompt payments from large buyers and simplifying compliance burdens, she said. "The Open Network for Digital Commerce, launched in April 2022, has successfully onboarded more than 764,000 vendors across 616 cities. "Our next focus is reducing regulatory frictions, digitising approvals, and integrating MSMEs into global value chains. Special support to women-led and rural enterprises will help enhance economic opportunities and ensure more inclusive growth," she said. With regard to encouraging and increasing participation of women in labour forces, Sitharaman said, maternity leave has been increased to six months. "Two years ago, we came up with a scheme where we increased interest rates on deposits made by women to 7.5 per cent to encourage women to keep their savings in banks rather than keeping that as cash at home, she said, adding that property registration in the name of women has tax concessions. Under the Poshan Scheme, she said, the nutritional needs of pregnant women and lactating mothers are being met. Under PM Awas Yojana, registration of 'pucca' houses is done either in the name of a woman or jointly with that of a male member, she added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
The Print
22-04-2025
- Business
- The Print
Bold reforms, enhanced capacities key to India's growth story over next two decades: FM
In the last decade, she said the government has undertaken structural reforms, rationalising over 20,000 compliances, decriminalising business laws and digitising public services to reduce friction. The last two Union Budgets have laid the groundwork for this transformation, with a clear multi-sectoral policy agenda, she said, while speaking at Hoover Institution at Stanford University California. San Francisco, Apr 22 (PTI) India's quest for sustained growth over the next two decades hinges on a new paradigm, driven by bold reforms, enhanced domestic capabilities, and strategic institutional collaborations suited for the evolving global landscape, Finance Minister Nirmala Sitharaman said on Monday. She further said a significant thrust on infrastructure development has also created a strong foundation for manufacturing-led growth by bolstering investor confidence over the last 10 years. This has been enabled by a more than four-fold increase in the union government's capital expenditure between 2017-18 and the 2025-26 Budget, she said. 'Our experience with implementing the Business Reform Action Plan by different state governments has demonstrated that deregulation is a powerful catalyst for industrial growth,' she said. Going forward, the Finance Minister said, sustaining India's growth momentum calls for a fresh approach of bold reforms, adaptive strategies in line with changing global landscape. 'Over the next two decades, sustaining India's growth momentum calls for a fresh approach grounded in bold reforms, stronger domestic capacities, renewed institutional partnerships and adaptive strategies suited for the evolving global landscape,' she said. India has set a goal to become a developed nation by 2047, the year when the country would enter the 100th year of its independence from British rule. 'As we lay the foundation for a developed India, we must stay committed to long-term goals, without losing sight of present realities. The global order is changing. That poses challenges but also opportunities. We must be prepared to tackle the former while seizing the latter,' she said. India's journey to become a 'Viksit Bharat' by 2047 is not merely an aspiration but a shared national mission powered by a vision for inclusive, sustainable, and innovation-led growth, she said. Despite the pandemic shock and a banking crisis, she said, 'our progress over the past decade, anchored in strong macroeconomic fundamentals and steady reforms, gives us confidence and direction for the road ahead.' As a result, she said, India has risen from the world's tenth-largest economy to the fifth-largest. Quoting a report by Indiaspora and BCG, she said, Indian first-generation immigrants founded 72 unicorns between 2018 and 2023 and these unicorns were worth at least USD 195 billion in valuation and employed nearly 55,000 people. More than 65 per cent of Global Capability Centres (GCC) in India have their headquarters in the US, she said, adding, these GCCs provide high-value-added, bespoke services in areas such as R&D, management consulting and auditing. Observing that the US is a mature start-up hub which has developed over 50-60 years, while India's start-up journey is a nascent one, she said, 'over the course of the last decade, the government's focus was on reducing the cost of entrepreneurial risk-taking by removing regulatory and infrastructural barriers.' Some of the works done in India stand out and one such example is that of Digital Public Infrastructure (DPI) and its success, she said. More than a billion digital identities have been created using DPI, she said, adding, using these digital identities bank accounts of people were created and during Covid-19 pandemic, money was transferred by the government in a click of a button. 'DPI also was useful in administering vaccines during Covid-19 pandemic. In my interactions with the G20, the World Bank or the IMF, this singular population-scale achievement of India is repeatedly lauded,' she said. Speaking about the government's thrust on small and medium business, Sitharaman said, a vibrant and thriving network of small and medium enterprises is essential for domestic manufacturing growth. The government has undertaken numerous initiatives to support MSMEs, from easing access to credit, redefining size thresholds, facilitating prompt payments from large buyers and simplifying compliance burdens, she said. 'The Open Network for Digital Commerce, launched in April 2022, has successfully onboarded more than 764,000 vendors across 616 cities. 'Our next focus is reducing regulatory frictions, digitising approvals, and integrating MSMEs into global value chains. Special support to women-led and rural enterprises will help enhance economic opportunities and ensure more inclusive growth,' she said. With regard to encouraging and increasing participation of women in labour forces, Sitharaman said, maternity leave has been increased to six months. 'Two years ago, we came up with a scheme where we increased interest rates on deposits made by women to 7.5 per cent to encourage women to keep their savings in banks rather than keeping that as cash at home, she said, adding that property registration in the name of women has tax concessions. Under the Poshan Scheme, she said, the nutritional needs of pregnant women and lactating mothers are being met. Under PM Awas Yojana, registration of 'pucca' houses is done either in the name of a woman or jointly with that of a male member, she added. PTI DP DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
22-04-2025
- Business
- Time of India
Bold reforms, enhanced capacities key to India's growth story over next two decades: FM Nirmala Sitharaman
India 's quest for sustained growth over the next two decades hinges on a new paradigm, driven by bold reforms, enhanced domestic capabilities, and strategic institutional collaborations suited for the evolving global landscape, Finance Minister Nirmala Sitharaman said on Monday. The last two Union Budgets have laid the groundwork for this transformation, with a clear multi-sectoral policy agenda, she said, while speaking at Hoover Institution at Stanford University California. In the last decade, she said the government has undertaken structural reforms, rationalising over 20,000 compliances, decriminalising business laws and digitising public services to reduce friction. She further said a significant thrust on infrastructure development has also created a strong foundation for manufacturing-led growth by bolstering investor confidence over the last 10 years. 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She lives in the Loneliest house in the World - Don't judge until you see the inside! Tips and Tricks Undo This has been enabled by a more than four-fold increase in the union government's capital expenditure between 2017-18 and the 2025-26 Budget, she said. "Our experience with implementing the Business Reform Action Plan by different state governments has demonstrated that deregulation is a powerful catalyst for industrial growth," she said. Live Events Going forward, the Finance Minister said, sustaining India's growth momentum calls for a fresh approach of bold reforms, adaptive strategies in line with changing global landscape. "Over the next two decades, sustaining India's growth momentum calls for a fresh approach grounded in bold reforms, stronger domestic capacities, renewed institutional partnerships and adaptive strategies suited for the evolving global landscape," she said. India has set a goal to become a developed nation by 2047, the year when the country would enter the 100th year of its independence from British rule. "As we lay the foundation for a developed India, we must stay committed to long-term goals, without losing sight of present realities. The global order is changing. That poses challenges but also opportunities. We must be prepared to tackle the former while seizing the latter," she said. India's journey to become a 'Viksit Bharat' by 2047 is not merely an aspiration but a shared national mission powered by a vision for inclusive, sustainable, and innovation-led growth, she said. Despite the pandemic shock and a banking crisis, she said, "our progress over the past decade, anchored in strong macroeconomic fundamentals and steady reforms, gives us confidence and direction for the road ahead." As a result, she said, India has risen from the world's tenth-largest economy to the fifth-largest. Quoting a report by Indiaspora and BCG, she said, Indian first-generation immigrants founded 72 unicorns between 2018 and 2023 and these unicorns were worth at least USD 195 billion in valuation and employed nearly 55,000 people. More than 65 per cent of Global Capability Centres (GCC) in India have their headquarters in the US, she said, adding, these GCCs provide high-value-added, bespoke services in areas such as R&D, management consulting and auditing. Observing that the US is a mature start-up hub which has developed over 50-60 years, while India's start-up journey is a nascent one, she said, "over the course of the last decade, the government's focus was on reducing the cost of entrepreneurial risk-taking by removing regulatory and infrastructural barriers." Some of the works done in India stand out and one such example is that of Digital Public Infrastructure (DPI) and its success, she said. More than a billion digital identities have been created using DPI, she said, adding, using these digital identities bank accounts of people were created and during Covid-19 pandemic, money was transferred by the government in a click of a button. "DPI also was useful in administering vaccines during Covid-19 pandemic. In my interactions with the G20, the World Bank or the IMF, this singular population-scale achievement of India is repeatedly lauded," she said. Speaking about the government's thrust on small and medium business, Sitharaman said, a vibrant and thriving network of small and medium enterprises is essential for domestic manufacturing growth. The government has undertaken numerous initiatives to support MSMEs, from easing access to credit, redefining size thresholds, facilitating prompt payments from large buyers and simplifying compliance burdens, she said. "The Open Network for Digital Commerce, launched in April 2022, has successfully onboarded more than 764,000 vendors across 616 cities. "Our next focus is reducing regulatory frictions, digitising approvals, and integrating MSMEs into global value chains. Special support to women-led and rural enterprises will help enhance economic opportunities and ensure more inclusive growth," she said. With regard to encouraging and increasing participation of women in labour forces, Sitharaman said, maternity leave has been increased to six months. "Two years ago, we came up with a scheme where we increased interest rates on deposits made by women to 7.5 per cent to encourage women to keep their savings in banks rather than keeping that as cash at home, she said, adding that property registration in the name of women has tax concessions. Under the Poshan Scheme, she said, the nutritional needs of pregnant women and lactating mothers are being met. Under PM Awas Yojana, registration of 'pucca' houses is done either in the name of a woman or jointly with that of a male member, she added.
