By : PARTHA ROY
Kolkata :India has best Digital Infrastructure in the world at present said by Dr. Bibek Debroy Chairman- Economic Advisory Council to Prime Minister of India Shri Narendra Modi while addressing a special session titled ” Resilient and Self – Sufficient India ” organized by Calcutta Chamber of Commerce on 22 August 2023 in Kolkata.
Welcoming the august gathering Shri Kishan Kumar Kejriwal, President of the Calcutta Chamber of Commerce highlighted India ‘ s growth trajectory over a period of time .
Shri Madhav P. Surekha Past President of Calcutta Chamber of Commerce moderated the session.
Dr. Bibek Debroy is also a acclaimed economist , writer and a man with many interests , in fact a true polymath.
Dr. Debroy presented broad growth and development scape of India including various challenges India is facing in its growth and development journey. He mentioned about evolutionary path of India’s socio-economic development during ” Amrit Kaal”.
Bibek Debroy mentioned Resilience and Self Sufficiency of people of India and more specifically Indian industry can be understood from India’ s ability to successfully & efficiently manage once in a century type challenges risen during Covid pandemic and it’s aftermath despite many adverse prediction from many.
India ‘s development of indigenous Covid vaccine as well as vaccination of targeted population itself is demonstration India ‘s resilience and self -sufficiency. Management of vaccination process and records through information technologies platforms is itself a land mark achievement for the Government and People of India .
Debroy mentioned India’s economy is third largest in PPP ( Purchasing Power Parity ) Model.
Dr. Debroy mentioned annual rate of population growth is slowing down sharply so absolute population growth of young people in numerical term will be declining over a period of time.
Mix of senior citizens ,i.e. aging population and young population is evolutionary and can be a challenge to India growth trajectory during Amrit Kaal as well as when India will be celebrating 100 years of Independence in 2047 . Decline of current Demographic edge can be challenging in India’s growth trajectory in upcoming decades.
Debroy mentioned Production Linked Incentive (PLI) scheme is an attempt to make India self -sufficient. Palpable success of PLI scheme can be seen from manufacturing in and exporting of mobile phones from India by global players in the market.
He mentioned Tax reform is on going process .
He also said thrust on digitisation in systems in various sectors of economy will lead to “Formalisation” of Indian economy in a big way.
Debroy mentioned it is reasonable to expect India will grow at the rate of 6.5 -8% in short term i.e. next few years.
Debroy mentioned reform in capital market is ongoing process. Labour market and Land reforms including introduction of latest technologies for management of reforms need coordination & cooperation between Central and State governments.
Dr. Bibek Debroy stressed India’s success story will depend on cooperation and synergy in planning , execution and wider implementation of development projects between Central and State governments.
Success of ” Swatch Bharat Abhiyan ” initiative of Central Government has ushered in reform both in urban and rural areas was highlighted by Debroy.
Debroy also mentioned introduction and successful implementation of UPI Payment system upto grassroot level is going to be evolutionary step in financial well being of the masses.
Debroy echoed Prime Minister Shri Narendra Modi ‘s call for “Sab Ka Prayash ” to transform India into developed nation by 2047.
Shri Pramod Dayal Rungta Vice President of Calcutta Chamber of Commerce while proposing vote of thanks lauded various initiatives of Government of India to strengthen the India’s economy as well as holistic development of India.
