India is set to emerge as the world’s fastest-growing major economy by 2016 ahead of China, as per the recent report by The World Bank. India’s Gross Domestic Product (GDP) is expected to grow at 7.5 per cent in FY 2015-16, as per the report.
However, with weak monsoon and poor rabi crop, fuelling prospects of raging inflationary trends in Agri commodities, coupled with falling prices of Crude and weakening of Rupee, may certainly prove detrimental to the progress and growth envisaged.
According to IMF World Economic Outlook April, 2015, India ranks seventh globally in terms of GDP at current prices and is expected to row at 7.5 percent in 2016.
India’s economy has witnessed a significant economic growth in the recent past, growing by 7.3 per cent in FY2015 as against 6.9 per cent in FY2014. The size of the Indian economy is estimated to be at Rs 129.57 trillion (US$ 2.01 trillion) for the year 2014 compared to Rs 118.23 trillion (US$ 1.84 trillion) in 2013.
Numerous foreign companies are setting up their facilities in India on account of various government initiatives like Make in India and Digital India. Mr. Narendra Modi, Prime Minister of India, has launched the Make in India initiative with an aim to boost the manufacturing sector of Indian economy. This initiative is expected to increase the purchasing power of an average Indian consumer, which would further boost demand, and hence spur development, in addition to benefiting investors.
Besides, the Government has also come up with Digital India initiative, which focuses on three core components: creation of digital infrastructure, delivering services digitally and to increase the digital literacy. Finance Minister Mr. Arun Jaitley stated that the government is looking at a number of reforms and resolution of pending tax disputes to attract investments.
One of the key initiatives of the Government to propel Make in India and Digital India is the infusion of a potent catalyst in form of ‘EASE OF DOING BUSINESS’
The key to success of Make In India lies to a great extent as to how and with what seriousness the EASE OF DOING BUSINESS policy is injected into the Governmental offices, systems and government officers’ attitude, not only at the Centre but also at the State level too.
First and foremost step which needs to be taken by this progressive government, which has initiated path breaking measures, is to scrap all antiquated, outdated, corruption oriented, illogical and horrendous policies, procedures and systems. In quest of reaching the pinnacle of economic super power race, this is mandatory and A MUST.
It is interesting to note that despite India doing well on the GDP front, the ratio of poor and poverty continues to rise. This is certainly not at all a healthy sign. Corrective measures should be initiated immediately by scrapping all old laws and systems of the British Era.
The attitude of Government officers needs to undergo radical transformation if Make in India and Ease of Doing Business has to succeed in totality. Intoxification of power and corrupt practices, with zero accountability has been the gross undoing so far, and has been one of the reasons for India’s rating languishing in the World Bank’s Global study on Doing Business at a pathetic low of 130 amongst 189 nations. In the field of paying taxes our country’s position has slipped to horrendous low of 157th rank.
Undoubtedly, to overturn and transform the several decades old British legacies which was full of one sided regulations and rules in favour of the then British Government and their officers, will call for a great resolve and perseverance. The officers would not like to easily surrender the easy confines of theircomfort zones and protective webs which they have been so used to.
But, TIME has come for WAKE UP INDIA for MAKE IN INDIA. It is the bounden duty of every citizen, every business house, industry, and all to accept the reality and shed their egos and greed for corrupted power and money and embrace new logical and transparent policies and system to be initiated by the Government.
This year’s AILBIEA’s anniversary event scheduled for Friday 1st April 2016, has adopted the theme of WAKE UP INDIA FOR MAKE IN INDIA. The anniversary event is divided into two parts - the first in the morning will be a high profile, educative and absorbing CONFERENCE on the above theme and in the evening will be the INFORMAL interactive session along with conferring of LIFE TIME ACHEIVEMENT AWARD on MR. NADIR GODREJ - Managing Director of Godrej Industries Ltd. for his stupendous contributions in promoting EXIM TRADE thru’ his active participation and thru’ his potent poems on the state of EXIM Trade, which he has been rendering successively at all AILBIEA Events.
Several other significant achievers will be conferred with AILBIEA STELLAR/SPLASH AWARDS on that day evening.
It is a humble appeal from us, at AILBIEA, to please join and participate in large numbers in our event on 1st April 2016, in both sessions - morning Conference and evening Awards - to pledge your support for WAKE UP INDIA FOR MAKE IN INDIA.