Q/The G20 has come at a time when India has emerged as a global power.
A/ We are the fifth largest economy; by 2027, we should hopefully be the third largest. We have carried out structural reforms Goods and Services Tax, Insolvency and Bankruptcy Code, Real Estate (Regulation and Development) Act, lowering of the corporate tax, and reforms for ease of doing business.
India has built 40 million houses, which is more than the population of Australia; 110 million toilets, which is more than the population of Germany; 223 million water connections, which is more than the population of Brazil. And 55,000 kilometres of roads.
One big [achievement] is the technological transformation, digitising India. Every Indian has an identity. We created 550 million bank accounts during 2015-17. We linked them up with Aadhaar and mobile. We do 46 per cent of the real fast payments in the world. A good G20 presidency is a function of the political and development narrative.
Q/But the per capita income is lower than in many regions of the world. How do we address this problem?
A/ There is no reason why our per capita income should not grow, if we get into a high accelerated growth rate of 8 per cent plus over the next three decades. Japan grew at those rates, post World War II. Between the 70s and 90s both Korea and Taiwan grew at 9 per cent. Between 1990 and 2010, China grew at those rates.
We need to be far more ambitious and reform oriented. The Union government has done its bit. Now, reforms need to be carried out at the state level. India needs to fire on all cylinders. It is not just the services sector; you need to fire on urbanisation.
Q/How did we choose the theme One Earth, One Family, One Future?
This story is from the September 10, 2023 edition of THE WEEK India.
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This story is from the September 10, 2023 edition of THE WEEK India.
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