New Delhi, Sep 27 (IANS): The Indian economy is likely to grow about 7.5 per cent riding on vast structural reforms and a huge thrust on infrastructure under Prime Minister Narendra Modi’s third term, said G20 Sherpa and former NITI Aayog CEO, Amitabh Kant, on Friday.
In an exclusive interaction with IANS in the national Capital, Kant said that initiatives like ‘Make in India,’ ‘Digital India’ and ‘Startup India’ — launched by PM Modi in the last 10 years — have ensured that the world takes us very seriously.
Capex spending and infrastructure creation are among the success stories of the government.
The capex spend of Rs 11.1 lakh crore at 3.4 per cent of the GDP has been retained in the Budget 2024-25.
“There has been a formalisation of the Indian economy. The ‘Make in India’ initiative launched about a decade ago has been a roaring success. ‘Startup India’, which was launched around the same time, has seen young entrepreneurs grow as we became the third-largest startup ecosystem in the world," Kant told IANS.
The government has taken a fresh series of measures, like the ‘IndiaAI Mission’, the ‘National Quantum Mission’, the ‘India Semiconductor Mission’, the ‘National Green Hydrogen Mission’ and more.
"All these new initiatives will unfold in days to come and will provide a major dividend to the Indian economy," he stressed.
Driven by strong GDP growth and robust manufacturing and emphasis on building infrastructure, India is on its way to becoming the world’s third-largest economy soon.
Amid this growth, AI has become a foundational technology for almost all industries.
“It is a technology which everyone must embrace. The government must utilise AI. The private sector must use AI and become far more efficient. And, more than anything else, AI has to be used for education, health and nutrition and agriculture to improve outcomes in all these areas,” said Kant.
“India now needs to train and skill a vast number of people and create new quality jobs in emerging technologies like AI. This can have a profound impact on the country’s growth story. AI, while enhancing productivity, can also boost learning and health outcomes,” the G20 Sherpa noted.