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The India Story: On the Path to a $7 Trillion Economy

 

 

Delivered at the Singapore FinTech Festival, our distinguished panel discussed India's aspirations to become a $7 trillion economy by 2030, examining opportunities, challenges, and the necessary policies to achieve this milestone.

 

Key Highlights

Economic Growth Potential:

  • India aims to double its GDP to $7 trillion by 2030, requiring a compound annual growth rate of 12%.
  • Growth drivers include private sector capital formation, infrastructure investments, and consumption demand.

Infrastructure and Green Economy:

  • Annual infrastructure spending of $120 billion is improving logistics and boosting investments in EVs, solar modules, and traditional sectors like steel and cement.
  • Green economy investments are set to grow significantly, with projects like solar modules scaling by eightfold in six years.

Digital Payments and Financial Inclusion:

  • Digital payments platforms, such as UPI, have transformed financial inclusion, particularly for small businesses, enabling credit access and business expansion.
  • Initiatives like systematic investment plans (SIPs) are helping micro-businesses accumulate wealth.

Global Finance and Gift City:

  • Gift City serves as an international financial hub, enabling capital flow for global investors and NRIs.
  • The centre has facilitated $71 billion in assets through international banks and $65 billion in bond listings, including green bonds.

Challenges and Reforms:

  • Addressing quality job creation, deregulating for MSME growth, and scaling labour-intensive industries are crucial.
  • Modernising regulations to improve ease of doing business remains a priority.

AI and Emerging Technologies:

  • India is well-positioned to leverage AI due to its skilled workforce and global capability centres.
  • The focus is on ensuring AI-driven development is socially sustainable and stable.

 

Conclusion

India’s transformative growth relies on balancing deregulation, technological innovation, and inclusive development, creating a foundation for sustained prosperity by 2030.

 

In partnership with IIM Alumni SG

 

Watch Full Session

 

 

 

Speakers:

  • K. Rajaraman, Chairperson, International Financial Services Centres Authority
  • Venkatraman Anantha Nageswaran, Chief Economic Advisor, Government of India
  • Vijay Shekhar Sharma, Founder & Chief Executive Officer, Paytm
  • Zarin Daruwala, Cluster Chief Executive Officer, India & South Asia Markets, Standard Chartered Bank

Moderator:

  • Vikram Khanna, Senior Columnist, The Straits Times, SPH Media
 
 
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