ECONOMY SPECIAL/21st December, 2023
– Hiranmoy Roy –
Prime Minister Narendra Modi dealt with the exclusive theme of ‘Divinity and Development’ to consolidate the idea of ‘Dev Bhoomi’ for setting the context of Uttarakhand’s future economic development model at the recently held Global Investors Summit.
At the inaugural session of the two-day summit on December 8 in Dehradun, celebrated Yoga Guru Baba Ramdev aptly said the Prime Minister’s spiritual birthplace happens to be ‘Dev Bhoomi’ Uttarakhand even though Modi was born in Gujarat.
Modi, in his address at the mega summit, harped on the need to conduct a SWOT Analysis of India.
Modi said India is now radiating with hope, self-confidence, innovation, new opportunities, policy-driven governance, political stability, eagerness of people and good governance.
The world’s fifth-biggest economy is on the trajectory of speedy growth irrespective of the impact of COVID-19 on the overall economy.
The Prime Minister held that the growth of India would also benefit Uttarakhand. The Double Engine Government in New Delhi and Dehradun has doubled its efforts with positive outcomes for everyone to see. The Prime Minister claimed his vision has been implemented with remarkable speed in the state of Uttarakhand under the able leadership of Chief Minister Puskar Singh Dhami.
Along with the central government, the state government is trying its best to improve connectivity in small villages and rural areas. Delhi-Dehradun Expressway will cover the distance in just three hours. He emphasised that connectivity through ports, airports, helipads and railways should be strengthened to develop business, agriculture, logistics, tourism, travel and hospitality.
These sectors in Uttarakhand offer golden opportunities for investors, Modi said.
There lies huge untapped potential in Uttarakhand, he said and emphasised how to derive the benefit of double engine government to unlock this potential. Prime Minister plans to start and promote theme-based tourism, nature-based tourism, and heritage-based tourism in Uttarakhand.
Modi said the brand of ‘Uttarakhand Tourism’ should be reflected through its Nature, Culture, Heritage, Yoga, Ayurveda, Adventure Sports, Pilgrimage and other varied aspects. He floated the idea of a ‘Wedding in India’ theme to promote destination marriages in Uttarakhand.
Aspiring India has resulted in a reduction of poverty as 13.5 crores population has been out of poverty due to various government schemes. India is a consumption-based economy with speedy economic growth. Neo-middle class and middle class are spending more to results in higher consumption. Consumption-led growth is a stronger macroeconomic model for a country. Such a growth model has been patronised by famous economist John Maynard Keynes.
“Social Power is creating Market Power,” Modi said.
He said the local product needs to be sent to the global market to establish the identity of Uttarakhand in the global arena. “Our standard is global standard as we have a global manufacturing base in critical sectors,” Modi said.
He advocated strengthening the existing world-class manufacturing ecosystem with a local supply chain.He put stress on the need for a self-reliant supply chain model.
Low-cost imports have to be replaced by capacity-building initiatives to raise the level of exports and cut reliance on imports.
This is a good time for indigenous companies and Indian investors to make the country the third-largest economy. The Prime Minister’s vision is ‘From Reform to Transform’.
Now, we have a development mentality, Modi said and added “Yehi Samay Hai, Sahi Samay Hai”. Modi urged investors to “Develop with Uttarakhand, Contribute to Uttarakhand”.
“Present India is the India with new energy, and derives the benefit of these policies and opportunities,” he told investors. Modi expressed solidarity and commitment to achieve higher growth and development both for India and Uttarakhand.
[* The author is a Dehradun-based economist.]
