PRESS RELEASE

NITI Aayog Vice-Chairman says ‘Accelerated growth necessary to achieve five trillion dollar economy’

Speaking at the India Investment Seminar on ‘Indian Budget and Its Implications’ Dr. Rajiv Kumar said that India is at a cusp of significant transformation. NITI Aayog Vice-Chairman addressed the audience consisting of bankers, investors, academicians, and think-tankers, and informed them that the recent budget has attempted to give more space for the private sector.

While addressing the seminar hosted by the Consulate General of India in New York, Dr. Kumar said that he believes in the Prime Minister’s thought that development should be a mass movement. He informed the gathering that with this budget, the government has aimed at minimizing the private sector risks. Many positive steps, such as simplifying the labour laws, are taken to make Indian markets investment-friendly.

Dr. Kumar pointed out that, for the first time, the private sector is welcome to invest in Indian Railways, which has planned for significant upgrades. He also mentioned that NITI Aayog is positive that liberalizing the Mining and Natural Gas sector for both exploration and production will attract private investment in the sector. However, he stressed that India does not pose environment and growth as trade-offs. Electric mobility is a sunrise sector, has the potential to develop sustainable transportation and India looks to become front runners in R&D and use of this technology.

When asked about five to six sectors critical to the government and NITI Aayog, Dr. Kumar said that the focus would be on the sunrise, traditional, and service sectors like artificial intelligence, agriculture, education, and health. Also, recognizing the importance of water, he said that there is a new ministry set up with a target of providing drinking water to each household. He told the audience that India is open to technologies that can make agriculture irrigation more water-efficient and invited the private sector to participate in repair and renovation of canal system citing that Rajasthan has achieved massive success by doing so.

The session moderated by Mr. Sandeep Chakravorty, Consul General of India was well received by the audience who appreciated that Dr. Rajiv Kumar took time to interact with them and answered all their questions ranging from investment, banking reforms to education.

July 17, 2019
New York