Last Updated on August 9, 2024 by Admin
The Confederation of Indian Industry (CII) hosted the Fifth Global Trade Scenario Conference in Mumbai today, themed ‘Adapting to Disruption: Resilience, Sustainability, and Innovation.’ The event aimed to foster dialogue among key stakeholders facing unprecedented global trade challenges.
Dr. Arvind Virmani, Member of NITI Aayog, delivered a keynote address highlighting India’s promising growth prospects amid global trade disruptions. He emphasized that demographic dividend, unbundling of services, fragmentation, and demonopolization of exports will drive trade, enabling India to transition to an upper middle-income country by 2030 and a high-income nation by 2050.
Table of Contents
India to be a High-Income Nation by 2050
Key Highlights from Dr. Arvind Virmani’s Address
- Growth Projection: Dr. Virmani projected an average growth rate of 5.4%, positioning India to become an upper-middle-income nation by the early 2030s and a high-income nation by 2050.
- Infrastructure Upgrades: He stressed the need to upgrade urban infrastructure, including drinking water, sanitation, and drainage, to meet future income standards.
- Employment Trends: Dr. Virmani noted the rising worker population ratio and the faster growth of employment compared to the population. He highlighted the urgent need to address gaps in education and skilling.
- Job and Skilling: He underscored the critical link between job creation and skill acquisition, emphasizing government initiatives like NIPUN and DIKSHA. He called for private sector participation and NGO involvement to bridge the skills gap.
- Policy Reforms and Innovations: Dr. Virmani emphasized continued policy reforms and innovations, particularly in taxes and Ease of Doing Business (EODB).
- Government Initiatives: Government backing through initiatives like Make in India, PLI schemes, new Foreign Trade Policy, and the RoDTEP scheme were highlighted as key enablers of trade growth.
Government and Industry Perspectives
Vir Advani, Chairman of the CII Global Trade Scenario 2024 and Managing Director of Blue Star Ltd, highlighted various government initiatives supporting EXIM trade growth. Swati Salgaocar, Chairperson of CII Western Region, emphasized the significant contribution of the western region to India’s global trade.
Panel Discussions and Global Perspectives
The conference included a panel discussion with Consul Generals from Australia, Finland, Thailand, New Zealand, Malaysia, dignitaries from the business community, government, intergovernmental agencies, policymakers, service providers, and technology innovators. The discussions focused on strategies to navigate global trade landscapes, enhance resilience, and promote sustainable practices.
Conclusion
The Fifth Global Trade Scenario Conference brought together global experts, senior officials, and industry leaders to discuss India’s future as a high-income nation. The insights and discussions emphasized the critical role of policy reforms, infrastructure upgrades, and skill development in achieving this ambitious goal.
Please visit the official CII website and NITI Aayog’s announcements for more information. Stay updated on the latest developments in India’s journey towards becoming a high-income nation.
