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Big reforms Led to India becoming the fastest growing major Economy globally: Garg

It also has enormous implications for emerging markets and developing countries

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The RBI building in Mumbai.
The RBI building in Mumbai. Photo credit: AFP/Sajjad Hussain

The major reforms undertaken by the Indian government for raising economic growth and maintaining macroeconomic stability have made the country one of the fastest growing major economies in the world, said Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA).

Garg was addressing the Special Event hosted by US-India Strategic Partnership Forum on ‘Indian Economy: Prospect and Challenges’ in Washington D.C on Friday.

Indian economy needs more reforms.
Indian economy needs more reforms.

He said the launch of the Goods and Services Tax (GST) represented an “historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms.” He further emphasized that India carried-out such major reforms when the global economy was slow.

“With the cyclical recovery in global growth amid supportive monetary conditions and the transient impact of the major structural reforms over, India will continue to perform robustly,” Garg said.

During his meetings, Garg highlighted that the digital age technologies have profound implications for policies concerning every aspects of the economy. It also has enormous implications for emerging markets and developing countries.

Also Read: Biggest Bank Frauds Which Shook The Indian Economy

He expressed that the response to such a transformation will have to shift from ‘catch up’ growth to adoption/adaption of digital technologies for development and growth.

Garg also informed that India has started adopting policies and programmes for transforming systems of delivery of services using digital technologies and connecting every Indian with digital technologies and access through Aadhaar and other such means.

Indian economy should be on rise.
Indian economy should be on rise. Image: Mapsofindia

While citing the example of expanding mobile data access, he mentioned that India is now the largest consumer of mobile data in the world with 11 gigabytes mobile data consumption per month. He informed that India is investing in digital technologies, encouraging private sector to adapt these technologies and also addressing the taxation related issues by introducing equalisation levy.

Garg is currently on an official tour to Washington D.C. to attend the Spring Meetings of the International Monetary Fund and the World Bank and other associated meetings. He is accompanied by Urjit Patel, Governor, Reserve Bank of India and other senior officials. IANS

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HP Considering India as a Key Focus Area

India is key focus area, 3D printers next big thing

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HP India
HP unveils 65-inch gaming display with soundbar at CES 2019. Flickr

India is a very attractive market with high brand recognition for a computer hardware producer like HP, said HP Inc’s President for Asia Pacific and Japan, Tian Chong Ng.

The Asia Pacific region — in which India is a key focus area — has been the fastest growing for HP and provided 16 per cent revenue growth last year.

In Q1 of FY2019 it registered 8 per cent growth year-on-year, said Ng in the course of the HP Reinvent 2019 conference, the company’s largest global partner event.

One reason for that is — India – and also the Asia Pacific region — tick marks on demographics trends which provide clear wins for HP: rapid urbanisation and more millennials are joining the work force.

While HP is very positive on India and recognises its potential, there are no plans yet for setting up a manufacturing base in India. Ng said it already has a manufacturing base in China apart from others in Vietnam, Thailand and Japan.

HP
HP. (IANS)

“There is an existing ecosystem in China and we don’t have plans for setting up a manufacturing base in India, he said.

One focus area is the 3D printer, which offers HP great opportunity. Construction and automotive sectors are the focus areas here. Meanwhile, an MoU has been signed with the Andhra Pradesh government.

“To be successful in India demands that we understand it,” he said.

Also Read- Social Networking Giant Facebook Stored Users’ Passwords in ‘Readable’ Form

HP is also pushing gaming in a big way. However, this has not led to any thinking for manufacturing mobile phones in India, despite the high number of gamers in the country spurred by affordable android phones and cheap data.

“Our strength is the PC business and we offer a whole family of products in that space,” Ng said. (IANS)