BT India@100: India is currently the best-positioned economy globally, says BJP's Jayant Sinha

BJP MP Jayant Sinha locked horns with Congress leader Abhishek Manu Singhvi over India's pace of economic growth and why the country must invest substantial efforts to attain developed status by 2047 during the stimulating brainstorming session titled 'India's Economic Destiny' at the second edition of the BT India@100 Summit on Saturday. The event revolved around India's escalating impact on the global economic stage.

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"India is currently the best-positioned economy globally. We radiate as the shining star within the global economy," affirmed Jayant Sinha, Member of Parliament representing the BJP. Sinha also serves as the Chairman of the Standing and Committee on Finance in Parliament. He accentuated the role of government policies, amplified foreign investments, and various contributing factors that he said collectively position India as the premier global economy.

Abhishek Manu Singhvi, the third-time sitting MP and member of Congress' top decision-making body CWC, shared his insights on India's vision to evolve into a $40-trillion economy by 2047. Singhvi grounded the discourse by acknowledging India's current categorization as a lower middle-income country. "At present, we find ourselves ranked 132 out of 191 nations on the Human Development Index. Our journey towards becoming a fully developed nation by 2047 entails overcoming these challenges," Singhvi emphasised.

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Singhvi juxtaposed India's aspirations with stark realities. He underscored the imperative to surmount existing hurdles that hinder progress. "Our rankings behind Bangladesh and even Rwanda in the Hunger Index present hurdles that we must navigate to realize our developed nation status," Singhvi firmly stated.

Sinha pointed to pivotal milestones like demonetization and the implementation of the Goods and Services Tax (GST). These initiatives have not only formalized India's economy but also garnered international applause for the Unified Payments Interface (UPI), a testament to India's digital infrastructure prowess, he said.

The discourse pivoted to the Production Linked Incentive (PLI) scheme, celebrated for propelling manufacturing growth. Sinha affirmed, "Through this progressively designed PLI scheme, we are stimulating growth in the manufacturing sector."

Yet, amid India's feats, a challenge emerged. India's manufacturing contribution to the global sphere stands at a modest 3%, compared to China's commanding 28%. Singhvi acknowledged this gap, asserting, "While we've excelled in the services sector, manufacturing prowess remains an area where we need growth."

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Jayant Sinha concluded the proceedings with an emphasis on India's steadfast commitment to a robust constitutional democracy. "We will ensure a solid and well-functioning constitutional democracy," Sinha said.
 

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