India to be $10 trillion economy by 2030: Plans to be presented at 50th SKOCH Summit
New Delhi, December 18, 2017: Key policymakers from the Centre and the states, including Madhya Pradesh Chief Minister Mr. Shivraj Singh Chouhan and Union Cabinet Ministers Mr. Suresh Prabhu and Mr. Narendra Singh Tomar, and Chairman, Economic Advisory Council to the Prime Minister, Dr. Bibek Debroy will present papers and deliberate at the 50th SKOCH Summit on how to make India $10 trillion economy by 2030.
The two-dayevent, to be held on 20th-21st December 2017 in NewDelhi, is positioned to be “India’s Largest Citizenship Summit.” It will seeparticipation of the policymakers from top level – Chief Minister, CabinetMinisters from the Centre and the States, to the grassroots – representativesof district administration and urban and rural local bodies.
“We haveleft indelible impact on key policy reforms undertaken by the successivegovernments in the country over the last 15 years,” said Mr. Sameer Kochhar,Chairman, SKOCH Group & Secretary General, CAII.
According toMr. Kochhar the 50th Summit would deliberate on the policyagenda focused on making India $10 trillion economy by 2030. Dr. Bibek Debroy,Chairman, Economic Advisory Council to the Prime Minister, is scheduled topresent papers and address a special session on “The Road to a $10 trillionEconomy”.
UnionMinister for Commerce and Industry Mr. Suresh Prabhu will deliberate on how toenhance Indian investments. Union Minister for Rural Development, PanchayatiRaj and Mines Mr. Narendra Singh Tomar will speak on “Naya Grameen Bharat”,while Madhya Pradesh Chief Minister Mr. Shivraj Singh Chouhan will speak on“Transforming Madhya Pradesh”.
Nearly 500delegates from across the country are likely to participate in the two-daySummit. Prominent speakers include Mr. N K Singh, Chairman, 15th FinanceCommission; Dr. Haseeb A Drabu, Finance Minister, Jammu & Kashmir; LordMeghnad Desai, Founder & Chairman, Meghnad Desai Academy of Economics; Mr.Ashok Chawla, Chairman, TERI; Mr. Baijayant Jay Panda, Member of Parliament,Lok Sabha; Dr. Indira Rajaraman, Economist; Mr. Shaktikanta Das, G20 Sherpa andMember, 15th Finance Commission among others.
Mr. Kochharsaid a sustained 10 per cent annual average growth is needed to achieve $10trillion size of India’s GDP by 2030. “Our economic growth rate has beenlanguishing at around 6-8 per cent in the recent years. The challenge is notonly to accelerate the growth rate to 10 per cent but also sustain the momentumfor at least one-and-a-half decade,” he added.
The size ofIndia’s economy crossed $2 trillion mark in the financial year 2015-16. Theaverage annual GDP growth between financial year 2003 and 2016 stood at 7.52per cent. If the growth remain in the same range, India’s GDP would be around$7 trillion by 2030.
“Unless weaccelerate the growth, we cannot eliminate poverty and ensure dignified life tothe marginalised,” said Mr. Kochhar highlighting the need for pushing forwardkey policy reforms to accelerate economic growth.
Over thelast 15 years SKOCH has brought felt-needs to the table and voice of the peopleto policy. SKOCH grassroots study and recommendations have shaped reforms andpolicy measures in the areas like digital, financial and social inclusion andinfrastructure development.
SKOCHrecommendations have shaped the policies like Pradhan Mantri Jan-Dhan Yojana;Pradhan Mantri MUDRA Yojana; Cloud, Aaadhaar and Mobile; Revival of Rural Roadsscheme, take-out financing and long-term lending for infrastructure developmentand Municipal bonds. SKOCH has made indelible impact on the policies related tocrop insurance, dematerialisation of insurance policies, group micro-insurance,universal insurance scheme, intent on policy portability and organicfarming.
A recentSKOCH study highlighted that MUDRA (Micro Units Development and RefinanceAgency) scheme, introduced in April 2015, is proving to be a game changerinitiative on job creation and promoting entrepreneurship at the grassroots.The study report, released during the 49th SKOCH Summit, wastwitted by Prime Minister Mr. Narendra Modi.
SKOCH is theonly think-tank in India to do a comprehensive State of Governance study. SmartGovernance Map of India ranking published by SKOCH every year since 2005 ranksstates on their governance performance.
“Ourrecommendations have resulted in policies and formed the basis of keyprogrammes of the governments at the Centre and the states. This is because wework at the grassroots. We will continue working at the grassroots and I amconfident that SKOCH study and recommendations would play a critical role inIndia’s journey to $10 trillion economy by 2030,” said Mr. Kochhar.
Mr. Kochharsaid SKOCH invites all stakeholders to join in the journey to write ourcombined destiny – a destiny with no poverty, a destiny with prosperity, adestiny with security, and a destiny with participatory democracy, where oneisn’t labeled for their views.