VP Naidu sees $5trn economy soon

 

 

The government’s initiatives and reforms have helped India achieve 11th rank in the Global FDI confidence index 2018, said Vice President M Venkaiah Naidu, while citing a USB report projecting US$75 billion a year FDI inflow over the next five years.

It was the right time for foreign investors to tap the huge potential offered by India in various sectors from real estate to healthcare, said Naidu, adding the country would soon become a US$5 trillion economy.

Describing India as a bright spot in the world economy, he said India would continue to be the fastest growing major economy in the world, quoting the World Bank’s latest forecast. The Bank expects Indian GDP to grow at 7.3% this fiscal year and at 7.5% in the following two years.

India, he added, is the most favourite destination for investments in the world.

Speaking at the 25th edition of Confederation of Indian Industry’s (CII) Partnership Summit in Mumbai on 12 Jan 2019, the Vice President also appreciated the healthy competition among various states to attract investors and promote industrialization.

He urged the state governments to promote similar competitiveness among districts to realize rural India’s full potential.

Referring to the construction of airports under Public-Private Partnership model in Hyderabad, Delhi, Bengaluru and Mumbai, Naidu said that it was the way forward for effective implementation of infrastructure projects.

Urging the industry to supplement the efforts of the governments in improving lives of people living in villages, Naidu observed that the increasing internet penetration in rural India provides a great opportunity to improve living standards of rural folks.

Connecting all Gram Panchayats with optical fibre network under the BharatNet project by March 2019 would transform rural India by enabling access to digital transactions and online sales of products, including agri produce via e-Nam, he pointed out.

The Vice President called for a special focus on Agriculture and said farmers must be trained and educated on diversification of crops, Zero Budget Farming, investing in allied activities like fisheries, horticulture and others to make the sector more inclusive, profitable and sustainable.

Naidu advised the industry to promote innovation and invest more time and money in Research and Development.

He wanted the industry bodies like the CII to promote business ethics, values, transparency and accountability. He said that they should also try weed out black sheep who bring a bad name to the business community. fiinews.com