Singh praised India’s stability, leadership, and resilience against global disruptions. He highlighted the country’s robust macroeconomic indicators and projected a promising future, propelled by India’s rising working-age population, the PHDCCI said in a press release.
Singh announced plans to invest nearly $1 trillion over the next five years in infrastructure projects, such as road construction and airport expansion. The secretary described India as a ‘bright spot’ in the global economic landscape, echoing a recent statement from the president of the World Bank.
The government envisions India as a developed country within the next 25 years, targeting an annual real growth rate of 8-9 per cent. Various initiatives, including the implementation of the Goods and Services Tax (GST), corporate tax reduction, and consolidation of public sector banks, are aimed at reducing industry compliance burdens.
The PLI scheme, impacting 14 economic sectors with an initial investment of 1.97 lakh crore, has achieved significant results, generating sales exceeding government incentives. Singh reiterated the alignment of this growth-oriented approach with Prime Minister Narendra Modi’s vision of a developed society.
India’s improvement in ease of doing business rankings and a high global position in startup ecosystems were acknowledged. Singh urged industry associations to provide feedback for effective local and state-level implementation.
Singh pointed to India’s attractiveness for foreign direct investment (FDI), as evidenced by the nearly $84 billion in FDI attracted last year. He also introduced the Prime Minister Ghati Shakti, a logistics planning platform set to revolutionise planning by integrating infrastructure, road, pipeline networks, and industrial and warehousing units.
The secretary shared plans for ambitious infrastructure development, including construction of 30 km of roads per day and 72 new airports by 2025. Saket Dalmia, president of the PHDCCI, commended the chamber's track record, highlighting its recent inclusion of the Startup Committee and the new H-Tech-driven Businesses Committee.
ALCHEMPro News Desk (NB)
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