Amitabh Kant’s Viewpoint on India’s Growth Story & Ambitions
In a keynote address by Shri Amitabh Kant, CEO, NITI AAYOG at the Enactus India National Competition 2016 held at Taj Hotel, Mumbai he held the audience of young entrepreneurs and future leaders, completely rapt as he enlightened us with plans and ideas to make India, a sprawling economy.
He talked of how India’s target economic growth from current 7.5% to 10% largely depends on the vast potential of young India.
The ‘Make in India’ initiative, he said, can only be successful if we make India very simple and entrepreneurship friendly in terms of rules and regulatory policies and to be able to grow at those rates we must enter the global supply chain by opening our economy in terms of letting FDI in sectoes like defense, railway and insurance among numerous others.
“India is now one of the most open economies of the world”, he quoted.
A major shift to manufacturing industries and thereby removing the rampant disguised unemployment in the agriculture sector, will give an impetus to the development process.
He said, that with technological advancements in terms of mobile services, biomatrix, banking we must, in order to accelerate the pace of change, poverty reduction and growth, include technological innovation in order to bring costs radically low and to bring a 100 million people above poverty line.
And with India’s majority population being young, as opposed to demography in say, China and America, we have a less dependency burden ratio and hence a great potential for young bright entrepreneurs to change the face of the economy. This, he says, is possible only if we disrupt the current system in order to make way for a scientifically developed innovative education methods, business environment and therefore increase the total factor productivity.
Encouraging Social entrepreneurship at the root level, can help India solve the most fundamental of problems, and can go a long way to provide solutions to our basic hindrances.
Watch the video to gain insights into how the youth with all its powers can change the ecosystem of Indian Economy and make the dream, a reality.