December 1, 2020
Atmanirbhar Bharat to aid in India’s growth to become a US$ 5 trillion economy by promoting Make in India-Make for World.
Attributed to growing technologies in the sectors of ICT, edutech, healthtech, infrastructure, manufacturing, space & defence.
Under the aegis of Vande Bharat Mission, India brought back 30 lakh stranded citizens and was the first to provide medical supplies to other countries.
Several high-frequency indicators like PMI manufacturing, e-way bills, power consumption, railway freight traffic are showing a V-shaped recovery.
As business leaders give shape to India’s economic engagement, the key opportunities lie among other things, Atmanirbhar Bharat which provides a vision of India’s plans to become a USD 5 trillion economy by promoting ”Make in India – Make for World”. This is made possible through integration with the global economy, emphasising joint ventures in infrastructure and manufacturing, and integrating into supply chains and tapping sovereign wealth funds. The newly emerging technologies in areas of ICT, fintech, edutech, healthtech, space & defence etc. have enormous potential to tap into this scheme of global integration.
The COVID-19 pandemic has brought upon an unprecedented chaos in the world, disrupting not only human lives and livelihood but also economies across the globe. It was during this testing period that India cooperated on repatriation of stranded citizens, in both directions and facilitated the return of over one lakh foreign citizens to their homes. Under the aegis of Vande Bharat Mission, not only did the Indian government bring back 3 million stranded citizens, but also provided emergency medical supplies to several countries and deployed medical teams, emerging as the first provider of altruistic help during the COVID-19 pandemic.
The recent records of high-frequency business indicators show that the economy of Asia is recovering strongly in the unlock phase. Several indicators such as Purchasing Managers Index (PMI) manufacturing, eight core sectors, e-way bills, power consumption, railway freight, cargo traffic, passenger vehicle sales and kharif sowing have shown a V-shaped recovery suggesting that the government’s measures are enabling a recovery in the unlock phase. Economists feel that the economies of most of the countries in Asia will bounce back, showing maximum resilience. To capture emerging business opportunities in post COVID-19 situation, it is required by both Government and market players to be prepared in advance in order to adapt according to the newly evolved market trends.
Exchanges between India and other nations have promoted deeper cooperation which will allow businesses to develop deeper links based on each other’s national priorities. A significant transformation is taking place in the economy, and the growing philanthropy between people is taking economic engagements to newer heights.