It is important to uplift sunrise sectors in order to grow the economy, said Amitabh Kant, G20 Sherpa on Saturday. Speaking on the emphasis on raising our per capita income, India must invest in technology and sunrise sectors.
He mentioned that India is the fifth largest economy growing 7% but there is a need to increase this number.
“We are a large population of 1.4 billion people. if you grow at 7%, you will take your per capita income to $3,000 in 2047. If you grow at 8%, you will take into about $18,000 and if you grow at 9%, you will take it close to about $24,000. But if you grow at 10% you will you know your per capita income fund will come close to $32,000,” he said.
He added that the compounding power of growth is so enormous, and therefore the the passion and the commitment for growth and high rates is very important.
“We should not settle for anything less than nine to 10%.nI'm saying this because countries like Korea, Taiwan, Singapore has done that in recent times. China have actually done that 10% growth for a very long period of time,” he said.
Kant explained that this was because they went in for technology and the sunrise areas of growth.
“So if you don't go digital, if you don't get into sunrise areas of growth, it will not be possible for you to grow,” he said.
He mentioned that when he was structuring the production linked incentive scheme (PLI), his whole focus was on sunrise areas of growth. And therefore the PLI was structured for electric mobility.
“It was structured for battery storage. It was structured for solar. It was structured for green hydrogen, it was structured for mobile manufacturing. All these are new emerging areas of growth,” he said.
The world is going to go green and while India is not responsible for the carbon emissions in the world since 2400 gigatons of the world’s 2800 gigatons has been occupied by the developed world, it is important India participates.
“India has to grow and expand. We must become the first country in the world to industrialize without carbonizing. And if you do that, the whole world will put money into you and your companies,” he said.
Read more at: https://economictimes.indiatimes.com/small-biz/sme-sector/need-to-go-green-to-grow-amitabh-kant/articleshow/98750342.cms