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Improved governance can fuel India to be top growth nation: IBM

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New Delhi: India, with improved governance and strong social and physical infrastructure, can become the world’s highest growth nation in the 21st century, revealed an IBM study.

IBM India managing director Vanitha Narayanan released the report “Indian Century: Defining India’s Place in a Rapidly Changing Global Economy” here on Thursday

India is witnessing a transformation that promises to minimise constraints and support economic advancement. The build out of social and digital infrastructure, powered by local innovations, will help India become an integral part of the global ecosystem,

The IBM Institute for Business Value predicted how India could become the world’s highest growth nation in the 21st century.

The study is based on interviews with 1,088 Indian executives across large enterprises (73 percent), start-ups (11 percent), academia (5 percent) and government (11 percent) to get their perspective on opportunities and roadblocks for the Indian economy.

Nearly 51 percent of the Indian executives highlighted improved governance as a key driver for sustainable growth, while social (46 percent) and physical (45 percent) infrastructure were ranked important growth drivers on second and third spots respectively.

Nearly 43 percent executives placed access to capital on the fourth spot and said this key factor has been a hindrance in sustainable growth.

About 40 percent executives backed availability of skilled resources as the fifth key driver to bring sustainable growth in India,

According to the study, India benefits from entrepreneurialism and diversity and is currently ranking as the fourth-largest source of technology start-ups globally.

“A young population equipped with the right skills and growing middle class will reinforce economic activity through increased consumption and investment,” it highlighted, noting that by 2020, India will constitute 30 percent of the world’s workforce and by 2030, the nation is projected to have the largest middle-class population in the world.

Narayanan, in her speech, also emphasised over India’s potential and growth perspective.

The study rightly points out that India has immense potential to leapfrog traditional growth paradigms. If we are able to capitalise on the opportunities present in front of us, the next decade can definitely mark the beginning of the Indian Century,

Based on unique advantages that India has and the recognition that economic transformation is essential for India’s long-term well-being, the country is already on the path of economic advancement, said the study. (IANS)

(Picture Courtesy: www.socialnews.xyz)

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Himachal Pradesh CM Formulates Development Policy for Sustainable Development of Himalayan States

The conclave called for development of new tourist destinations as old hill resorts had reached their saturation stage

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sustainable development, himachal
The conclave called for development of new tourist destinations as old hill resorts had reached their saturation stage. Wikimedia Commons

Himachal Pradesh Chief Minister Jai Ram Thakur on Sunday advocated the formulation of a holistic development policy for sustainable development of the Himalayan states so that they could progress on par with other states.

Addressing a conclave here of Chief Ministers and representatives of 10 Himalayan states, Thakur said about 66 per cent geographical area of Himachal Pradesh is covered with forests and if ecologically viable and scientific silviculture practices are allowed, the state can earn additional annual revenue of Rs 4,000 crore.

The conclave called for development of new tourist destinations as old hill resorts had reached their saturation stage. Thakur said that the state is neither able to get full revenue from its forest wealth, nor undertake developmental activities over a large geographical area on account of national laws and court orders.

sustainable development, himachal
Thakur said that the state is neither able to get full revenue from its forest wealth, nor undertake developmental activities over a large geographical area on account of national laws and court orders. Wikimedia Commons

“Therefore, Himachal Pradesh should be suitably compensated for being deprived of revenue worth crores for being denied harnessing of its forest wealth,” he said. He urged the Finance Commission and the Union government to provide adequate grant to revenue deficit states so that they have adequate funds for capital investment after overcoming the deficit remaining post-devolution.

He said that Himachal Pradesh has seen a huge fall in income following GST implementation and urged the Finance Commission for proper evacuation of GST for the state for the remaining 33 months.

Thakur said that the state has immense tourism potential but due to non-availability of rail and air connectivity, a big airport needs to be constructed. The construction of roads in Himalayan states was expensive and rail network was almost negligible.

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Thakur also said most of the rivers in the country originate from the Himalayas and the Himalayan states are playing the most significant role in furthering Prime Minister Narendra Modi’s water conservation initiative. Wikimedia Commons

Moreover, the Himalayan states are prone to several natural calamities on account of the hilly terrain and it was the need of the hour that the Union government ensures adequate allocation of funds under the State Disaster Response Fund (SDRF) for these states, he said.

ALSO READ: Fourfold Increase in Himachal Farmers’ Income with Crop Diversification Project

Thakur also said most of the rivers in the country originate from the Himalayas and the Himalayan states are playing the most significant role in furthering Prime Minister Narendra Modi’s water conservation initiative.

According to the Chief Minister, since most Himalayan states have to depend on the Centre and the Finance Commissions for financial management, they are facing a lot of hardships after the scrapping of the Planning Commission. (IANS)