He does have a little more than an ordinary citizen's stake in it, having been instrumental in formulating the 'Atmanirbhar Bharat' and 'Vocal for Local' restructuring of India's economic policy during his days as the chief economic adviser. He followed this up with the longer-term 'Amrit Kaal 2047' blueprint for India becoming a developed nation.
It is also the foundation for his new book, India @100; Envisioning Tomorrow's Economic Powerhouse (Rupa). Currently executive director at the International Monetary Fund, Subramanian espouses his fervent belief that India is all set to grab this 'once-in-a-few-centuries' opportunity. Excerpts from an interview:
Q You have painted such a rosy picture of India's future in your book, like its GDP touching $55 trillion in 2047.
A. This outcome hinges on whether we can grow at 8 per cent from now on till 2047. Of course, I have portrayed other scenarios as well. Even if we grow at 7 per cent, we will be $40 trillion and, if we grow only at 6 per cent, we will still be $30 trillion.
If some risks manifest it is possible that growth may be lower. Eight per cent is ambitious but achievable especially given the demography we have, the kind of policies that have been implemented over the past 10 years, the public digital infrastructure, the innovation and the entrepreneurship.
Also, anywhere between twothirds to three-quarters of our economy is informal, and informal sector firms are far less productive than formal sector firms. So the emphasis on formalisation that is happening through the public digital infrastructure will be a key driver of productivity improvement.
And for the first time, we have entered the top 40 innovative countries list. So these will drive productivity improvements in the formal sector as well. When you put it all together, there are potential headwinds and potential tailwinds.
Denne historien er fra August 25, 2024-utgaven av THE WEEK India.
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Denne historien er fra August 25, 2024-utgaven av THE WEEK India.
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Two-horse race
Can the NC-Congress alliance reshape the future of Jammu and Kashmir?
Man-eaters don't spare women
Critics say Narendra Modi’s decade-long rule has been one of jobless growth. Factories produced more, companies earned more, owners profited more, the government earned more; but fewer hands were hired, or those who were hired got work for fewer days. Putting the last two together, economists said the Indian economy generated fewer ‘man-days’.
Decolonising the mindset
The vision of a Viksit Bharat hinges on India T breaking from the shackles of a colonial mindset and embodying the freedom of being unapologetically Indian. The laws of any nation are the cornerstone of its growth. The legal system offers the stability and adaptability essential for a country to thrive. The laws must be simple to understand and specific in their consequence.
The making of India's Mr Difficult Words
When my publishers at Aleph invited me to put together a book on words and language, I hesitated for a brief moment.
Couture's creepy corridors
If one is spending a summer in New York, any summer in New York, an absolute must-do is to spend an afternoon at the city’s Metropolitan Museum of Art, on the edge of Central Park, just gawking in gobsmacked awe at the annual fashion exhibition the museum’s Costume Institute puts together.
Stree 2 has given us hope
The unprecedented success of Stree 2 is the best news we have had in the recent times and with an unabashedly feminist agenda, has comprehensively out-performed Sandeep Reddy Vanga's toxic masculine star-studded Animal at the box office is (to me, at least) kind of the cinematic equivalent of Awadhesh Prasad winning Ayodhya-it redeems my faith in the inherent decency of Indians.
BRANDS BEYOND RAMPS
Whether through carpets, fragrances or home interiors, Indian couturiers are defying their own limits
RESERVOIR OF WORRIES
India has a robust dam management systém on paper, but inadequate maintenance and climate change pose serious threats
INTER-STATE ISSUES HAVE NO EFFECT ON DAM SAFETY
INTERVIEW: KUSHVINDER VOHRA INTERVIEW Chairman, Central Water Commission
DAMS SHOULD BECOME ONE OF THE WAYS TO MITIGATE CLIMATE CHANGE IMPACT
INTERVIEW - ERIC HALPIN dam and levee consultant
