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Sustained economic growth is key to future: Amitabh
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SME Times News Bureau | 14 Mar, 2021
Niti Aayog CEO Amitabh Kant on Saturday said that sustained economic growth is key to India's future.
Delivering
the keynote address at the 'Militaria@Jaipur 2021' event at Hotel
Narain Niwas Palace on Saturday, Kant said, "Economies of both east and
southeast Asia have transformed themselves within one generation. Also,
India has witnessed a substantial transformation over 30 years since
1991 with an average growth of 6.5% per annum."
Speaking with
reference to Covid, he said: "Investment levels and sustained economic
growth are critical for security reasons. What the country has done as a
fallout of the Covid pandemic is ushering in radical reforms across a
range of sectors. The private sector needs to be brought in at the heart
of India's economic growth. Pushing India towards a high growth
trajectory is a key challenge. Global Economic Growth is expected to
rebound about 5.5% after (-)3.5% in 2020 which has been the worst since
post-World War," he added.
Kant further said that Covid-19 will likely reverse the trend of poverty alleviation.
"India
has had the sharpest recovery among major economies during Covid. Size
and scale need to be brought to manufacturing for India to penetrate
global markets. 'Atmanirbhar Bharat' is not about protectionism but it
is about penetrating global markets. There is a need to understand that
sunrise sectors will lead India's growth in the coming decades and it is
important we start now," he further said.
Earlier, former Home
Secretary, Government of India, R. Mehrishi, said, "In the face of the
recent China confrontation, we used three elements: armed forces, trade
measures and diplomacy. All these elements require the backing of a
strong economy. In these days of technology, one has to be better and
smarter equipped and technological competency will depend on the budget
one has. India spends a little over 2% on its defence that translates
into Rs. 5 Lakh crore. Whereas, China spends 1.3% of its GDP which
translates into Rs. 15 Lakh crores," he added.
Throughout the
day, eminent speakers held forth on thought-provoking sessions which
included 'Defence Indigenisation & Atmanirbhar Bharat', 'Defence
Technologies for India', 'Cyber & Unconventional Threats' and 'The
Chinese Threat- The Way Forward'.
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