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India will continue to see a 6-8 % consistent growth rate

Ashwini Vaishnaw on Thursday expressed confidence that India will continue to have 6-8 per cent consistent growth rate over the next 10 years, as he invited global players to innovate in the country for the domestic and world markets. India is open to the world, and to new ideas, Vaishnaw, the Minister of Railways, Communications and IT, said while speaking at the Raisina Dialogue 2024. He nudged the global community to “come here, innovate here for India… for the world.”

“The Indian economy is growing at a consistent clip at a very good rate. In the next 10 years, India will continue to see a 6-8 per cent consistent growth rate… I can say that with a high level of confidence,” Vaishnaw said.

The building blocks for this are already in place and the results are visible, he said, outlining various initiatives taken by the government under Prime Minister Narendra Modi.

Improvement in physical and digital infrastructure, education and skilling, as well as innovation and development, has bolstered the country’s growth. The next five years will further lay the foundation for India to become a developed country by 2047, he said.

The focus over the next five years will be on the full spectrum of manufacturing, upliftment through education, and infusion of technology in the healthcare sector, among other priorities, according to him.

The Minister further said that in the current global geopolitical backdrop, many old structures are getting revised, and added it is time to reposition the country. The world is looking to India as a trusted geography and large talent pool.

Vaishnaw further said the government and private sector must work in unison and harmony, and termed digital payments as a “classic case” of a public-private partnership. The government, he said, is a firm believer of public-private partnership be it development of telecom stack, digital stack or semiconductors.

The Indian economy should be seen with the prism of reality, the Minister said noting that the public sector had played an important part creating an ecosystem after independence, as it stepped-in when private sector was not in a position to take big, bold risks, but noted that the initial phase of productivity went down in the following years.

However, in the last ten years, the public sector has transformed as the government’s focus has been on giving them more autonomy in decisions, and dividing risks between public and private sectors.

CT Bureau

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