NITI Aayog chief executive Amitabh Kant on Saturday said India’s strength is truly represented by continued economic growth, which is the basis of its future and most importantly for security reasons. Delivering a keynote address at the opening ceremony of the “ Militaria @ Jaipur-2021 ”, he said as the collapse of the major COVID-19 reforms was introduced in many sectors and ensured India achieved a major recovery among major economies. Economic growth is expected to decline by about 5.5 percent after (-) 3.5 percent by 2020 which has been the worst since the post-World War, Kant said, adding that pushing India to a higher growth rate is a major challenge.
The private sector needs to be brought to the center of India’s economic growth, he said. A NITI Aayog official said that the economy of East and Southeast Asia has evolved over the next generation. The Indian economy has seen a dramatic change in 30 years since 1991 with an average growth rate of 6.5% per year.
Sustainable economic growth is key to India’s future. He said that the Investment and continued economic growth are critical for security reasons. Kant went on to say that COVID-19 is likely to reverse the anti-poverty trend. Global debt is at an unprecedented rate. About 300 percent is now almost 370 percent. The decline in global trade is estimated at 7 percent by 2020. China is the only major global economy to see positive GDP growth by 2020. “Its global GDP will rise sharply.
China has over the past two decades has gained considerable market power in many key sectors such as steel, aluminum and pharmaceuticals, Kand said. The Size and quality needs to be brought into the manufacturing sector for India to enter the global markets. Confident India has no defense. It is about entering world markets.
Earlier, former home affairs secretary R Mehrishi said that in the face of China’s eye-catching confrontation, “we have used three resources – armed forces, trade and consultation methods – to address the challenge we face. All of these things need economic support.”
During technology, one has to be better and better equipped. The technical ability will depend on the budget. India spends a little over 2 percent on its defense which translates to ₹ 5 lakh crore. While, China spends 1.3 percent of its GDP translating into 15 lakh crore, he said.
“At a time when the enemy is less visible, the only way to compete with a country like China would be to have more or more equipment,” added Mehrishi. Throughout the day, keynote speakers were held with keynote speakers. The closing speech was delivered by Mafhvendra Singh who is the former Chief of Naval Staff.