NITI CEO Aayog Amitabh Kant said on Saturday that India’s power truly represents its sustainable economic growth, which is key to its future and crucial for security reasons.
Speaking at the inaugural address at the inauguration of ‘Militaria @ Jaipur-2021’, he said the aftermath of radical reforms of the COVID-19 pandemic had been launched across a range of sectors and argued that India had the sharpest recovery among major economies.
Economic growth is expected to recover by about 5.5 percent after (-) 3.5 percent in 2020, the worst since the post-World War, Kant said, adding that pushing India toward a high growth trajectory is key challenge. The private sector needs to be included at the core of India’s economic growth, he said.
“The economies of East and Southeast Asia have transformed within a generation. The Indian economy has witnessed significant transformation over the 30 years since 1991 with an average annual growth of 6.5 percent,” said NITI CEO Aayog.
“Sustainable economic growth is key to India’s future. Investment and sustainable economic growth are crucial for security reasons.” Kant further said that COVID-19 is likely to reverse the trend of poverty reduction.
“Global debt is at an unprecedented level. What was about 300 percent is now about 370 percent. The decline in global trade is estimated at seven percent in 2020. China is the only major economy in the world that will record positive GDP growth in 2020. Its share in global GDP will grow even more, “he said.
In the last two decades, China has gained enormous market power in many key sectors such as steel, aluminum and medicines, Kand said. “It is necessary to bring size and scope to the manufacturing sector in order for India to penetrate global markets. Independent India is not tied to protectionism. It is for penetrating global markets.
It is necessary to understand that the sunrise sectors will lead the growth of India in the coming decades, and it is important to start now, he said.
Earlier, former Interior Minister R Mehrishi said, facing the recent Chinese confrontation, “we used three elements – armed forces, trade measures and diplomacy – to meet the challenge we were faced with. All these elements require the support of a strong economy. . ”
In the era of technology, it needs to be better and smarter equipped. Technological competence will depend on the budget. India spends just over 2 per cent on its defense, meaning 5 million flax crore. China spends 1.3 percent of its GDP, which translates into Rs. 15 lakh crore, he said.
“At a time when the enemy is often not seen, the only way to really compete with a country like China would be to have as much or more equipment,” Mehrishi added.
Numerous sessions with eminent speakers were held during the day. The closing address was given by the former Chief of Naval Staff, Admiral Madhvendra Singh.