Kant highlights phenomenal creation of digital infrastructure
India is witnessing a once-in-a-generation economic growth which can be attributed to tech-led radical changes that have taken place in the last decade, said Amitabh Kant, G20 Sherpa of India, at Capital Talks, a Thought Leadership Series, initiated by the Jindal India Institute (JII) on the theme “India on the High Table-Leadership in G20”.
“India is an oasis of growth in the midst of a slower economic landscape across the world. The challenge for India is that it needs to sustain it and accelerate the pace of this growth over the next three decades at high rates of 9-10%,” Kant said.
“Secondly, globalisation, which had enabled us to do global trade, lifted people above the poverty line and global value chains, has come to an end. The world is also seeing the emergence of a range of new technologies,” he went on.
“Artificial intelligence, Generative AI, quantum computing, blockchain can enable the world to proceed at very high levels of productivity and transform the lives of citizens across the world. They can have huge repercussions on productivity, growth, transforming lives and will have implications in terms of creation of jobs.
“Therefore, the ethical assumptions behind these technologies will be very critical and will require a multi-lateral effort as no single country can do it alone. I’d like to stress on the Spirit on India on the high table as geopolitics is essentially a function of economic growth!” Kant said.
He also gave a deep and insightful lecture on how India can overcome challenges and become one of the most important economies in the world.
“India is now accelerating its share of global GDP from 4.5% upwards and aims to be a US$30 trillion economy by 2047.”
Kant pointed out that India has carried out a huge number of structural reforms in the last decade.
“There has been a phenomenal creation of digital infrastructure which is unparalleled and for the first time, innovation of this nature has come from an emerging market. Digitisation has been key and India is the only country in the world where everybody has a digital identity.”
India needs to accelerate the pace of growth at a point of time when global trade has slowed down, he said.
“India’s growth story has largely been on the services sector but we need to ensure that we become a manufacturing nation and create about 50,000 large manufacturing companies with size and scale.
“These large companies will create their own momentum. At the same time, India has to push for sustainable urbanisation in a very big way. To grow at a rapid pace for three decades, we need to also focus on improving learning outcomes, which remain very poor in India.
“We also need to improve health and nutritional standards, especially for women,” he said. fiinews.com
