India's Path To Sustainable Growth And Global Leadership: Insights From Amitabh Kant At Stanford Event

At the recently concluded The India Dialog, a two-day conference organised on February 29 and March 1, 2024, by the Institute for Competitiveness (IFC) and the US-Asia Technology Management Center (US-ATMC) at Stanford University, Amitabh Kant, India's G20 sherpa and former CEO of NITI Aayog, delved into India's economic achievements, digital revolution, and commitment towards a sustainable future.

Kant began his presentation by commending India's economic resilience, noting an impressive growth rate of over 8% for three consecutive quarters, a significant feat amidst a global economic slowdown. He highlighted India's crucial role in the global economy, with the International Monetary Fund forecasting the country's contribution to 20% of the world's economic expansion in the coming decade.

The former NITI Aayog CEO detailed India's journey through structural reforms, including the transformative Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code, which have played pivotal roles in increasing tax compliance and improving the credit culture, respectively. Additionally, he pointed to the scrapping of over 1600 laws and the reduction of corporate taxes as measures to foster a business-friendly environment.

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Digital Innovation And Financial Inclusion

Kant also emphasised India's strides in digital innovation, particularly in financial inclusion, highlighting the creation of 550 million bank accounts within two years and the Unified Payments Interface (UPI) system. He underscored the importance of a digital identity for 1.3 billion Indians, which has been instrumental in streamlining services and enhancing direct transfers to beneficiaries.

He highlighted how this digital identity has played a big role in not only streamlining various processes, but also in facilitating the efforts towards targeted financial inclusion, besides making direct transfers to beneficiaries a success.

On the environmental front, Kant's address focused on India's ambition to achieve 500 gigawatts of renewable energy by 2030 and its leadership in affordable clean energy. He noted how the cost of renewable energy has seen a remarkable drop in India, reinforcing its position as a leader in affordable clean energy.

Kant shed light on India's green hydrogen policy and its vision to transform from an energy importer to an exporter by 2047, underlining a commitment to becoming the first country to industrialise, manufacture, and urbanise without adding to carbon emissions. This will be achieved with a robust decarbonisation policy, he said.

Road To 2047

Concluding his talk, Kant presented India's challenges as opportunities for growth, stressing the need for equitable growth across states, a transition from agriculture to manufacturing, and sustainable urbanisation. He highlighted India's demographic advantage over aging populations worldwide and the necessity of improving agricultural productivity, learning outcomes, health standards, and nutritional practices to propel India toward developed nation status by 2047.

Kant viewed these challenges as opportunities for an unparalleled growth and economic prosperity.

Acknowledging the challenge posed by an ageing population, he drew attention to the contrasting demographic landscape with a very young population that positions India as a potential global economic powerhouse. He stressed the need for strategic planning and policies to effectively leverage this demographic dividend.

Underscoring the importance of enhancing agricultural productivity, Kant said addressing the challenges in this sector could lead to a healthier and more productive population.

To drive the future of a developed India in 2047, he stressed the need to improve learning outcomes, nutritional practices and health standards.