India one of the fastest-growing large economies: Niti Aayog CEO

The Indian economy is growing at 9.2% and is expected to maintain a similar growth rate for the foreseeable future

February 22, 2022

The government has taken several measures to maximise efficiency to make India a global manufacturing champion and production hub

The production linked incentive (PLI) scheme is expected to contribute US$ 520 billion to India’s output

India has succeeded in creating a technology ecosystem with 814 million internet users and 85 unicorns

The use of technology would also identify new opportunities, strengthening India’s position in the global supply chain ecosystem

The Indian economy is growing at 9.2% and is expected to maintain a similar growth rate for the foreseeable future as per Niti Aayog chief executive officer (CEO) Amitabh Kant. He further stated that the government’s production linked incentive (PLI) scheme for sunrise sectors is expected to contribute US$ 520 billion to India’s production output in the next five years and make India an important part of the global supply chain.

He also noted that the government has taken several measures to maximise efficiency, such as the implementation of the goods and services tax (GST), the insolvency and bankruptcy code, and the reduction of corporate taxes, among others. In the recent past, the government has rolled out robust infrastructure policies such as the National infra-asset monetisation pipeline and PM Gati Shakti scheme. Such reforms are expected to make India a global manufacturing champion and production hub with the participation of both the government and the private sectors

The incorporation of technology is key to future success and relevance and India has already succeeded in creating a technology ecosystem with 814 million internet users and 85 unicorns. Kant concluded that the use of technology would also help to identify new opportunities thus strengthening India’s position in the global supply chain ecosystem.