Ankur Bhattacharya ; Kolkata , 24 February: Private sector industries in the country should take a much bigger leadership role,along with greater risks to incubate new businesses with sharper focus on operational issues to help Indian economy reach the 5 Trillion USD mark by 2024- 25, as desired by Prime minister Narendra Modi.
This view was expressed here this evening by Bindu Dalmia,well known columnist and Chairperson for National Committee on Financial Inclusion at Niti Aayog, while participating in an interactive session with members of the City’s premier Merchants Chamber of Commerce and Industry(MCCI) on a topic called ‘ Roadmap to a 5 Trillion USD Economy’ .
Referring to the recent comments made by the CEO of Niti Aayog and his presentation before the ‘Standing Committee of Finance’ that in order to achieve the figure of 5 trillion USD Economy within the next four to five years from around 2.7 trillion USD now,India needed a ‘nominal GDP growth’ of around 12.4 per cent from around 5.6 per cent now, Dalmia said though presently it sounded ‘too idealistic’ because it required a much more sense of urgency from all sectors to catch up and bridge the gap with the present economic inequality in the country.
‘India needs a much more thrust in business from the Private sector particularly in manufacturing and infrastructure sectors ‘to deliver the progress even to the last man standing in the line’, she said.
Turning her attention to the present slowdown of economy in spite of the all out efforts of the government to ensure a balanced growth, Dalmia said no one could deny the ‘cyclical slowdown’ of the economy primarily because of the global financial crisis since 2008.
‘As global leverage stands at its highest level, India cannot remain insulated from either the mounting debts or the slowdown contagion’, she said and regretted that there were ‘no instant prescriptions to halt the present downslides’ and blamed the sudden outbreak of Corona Virus as a global phenomenon, coupled with the growing US-China Trade War for the present hickups.
Also referring to the India’s dream of becoming the world’s 5th largest economy within the next five years, she however, expressed concern at the simultaneous explosion of Indian population with no major worthwhile efforts to contain it. ‘Though it is heartening to note that the country is poised to become the 5th largest economy of the world,it is also very concerning to know that we are set to become the largest populated country of the world by 2030 with a population of over 1.5 billion to overtake China ‘,she said and felt that it would be not less than a ‘Herculian task’ to provide food, water,sanitation facilities,education, health and even employment to such a mammoth population with limited resources.
Earlier welcoming the guest at the Chamber, noted industrialist and MCCI President Vivek Gupta highlighted a number of issues facing the country and its economy these days.
Hailing the government efforts for reaching financial inclusion even to the lowest strata of the society along with its successful programmes like the ‘Pradhan Mantri Jan Dhan Yojona’ and ‘Ayusman Bharat’, Gupta felt that stricter measures required to drastically bring down the NPA level of all public sector banks on one hand and ensure that more finances could be provided as soft credit to budding and other entrepreneurs on the other in hassle free manners.