India is poised to regain its status as the largest growing economy of the world by next year. The Narendra Modi government has laid the structural framework for roaring growth that is sustainable, technology-driven and job-oriented. More than anyone else, the Prime Minister realises that the post-Covid world presents a unique opportunity to make up for the missed chances of the past to push India resolutely on a high-growth path. He is also acutely aware of the rare opportunity provided by India’s demographic dividend to transform the country into an economic powerhouse in a short span of time.
The Prime Minister has firmly seized the moment and laid the course for investment-led growth. In his second successive term as prime minister, brought to power by a larger majority, he has bitten the bullet to unleash bold and radical reforms from which past governments have dithered. Modi has put his own political capital at risk, knowing that some of the reforms will lead to protests. He has put the interest of the country above everything else and has had the confidence and determination to deliver on his vision to improve the lives of people. Clearly defined goals have been combined with an urgency of action, time-bound implementation and efficient delivery and the results are already visible. The environment of entrepreneurship ushered by his policies has spawned startups and unicorns which are attracting large overseas investments.
A recent Credit Suisse research report said India has 100 unicorns with a combined market capitalisation of $240 billion, which is way above the earlier estimate of 30-40 unicorns. “These are only at the top of a fast-growing pyramid of 80,000 startups in India, which are incrementally now nearly 10 percent of new companies formed every year; the number of firms is up 70 per cent in eight years,” the report said. Opposition parties have been accusing the Modi government of “working for select industrialists” but the facts on the ground are totally different as revealed by this report. The startup ecosystem is flourishing and is creating new millionaires and billionaires who do not necessarily derive their wealth from family-oriented businesses. Large companies across sectors are also gaining strength. The research report referred to growing internet penetration, digital payments and biometric identity, improved physical infrastructure and skilled human resources as some of the key enablers in the growth of unicorns in India. The Modi government has sharply focused on each of these areas and made giant strides in the past six years.
The Credit Suisse report also said that the natural shortage of risk capital in India due to low per capita wealth has been addressed by a surge in private equity, mostly foreign. India-focused venture capital funds have raised $3 billion in 2020, the highest in the last five years and around 40 percent more than in 2019, according to a report by Bain and Company.
The success of Indian startups in turning into unicorns (valued at $1 billion or more) and the massive global private equity investment drive last year increased the interest of global investors in the economy’s startup ecosystem even though it was a pandemic year. According to data analysed by consulting firm Praxis Global Alliance, around 59 international investors made their first-time PE-VC investment in India in 2020, despite curbs on Chinese investment due to border tensions. The corresponding number stood at 43 in 2019. The data showed that the top 10 new global investors in 2020 participated in around $7 billion worth of deals while it was $1.2 billion in 2019.
India needs growth of around 10 percent for nearly three decades to end poverty and raise incomes substantially and this cannot be achieved without a boost to manufacturing and exports. South Korea grew at an average rate of 9.6 percent between 1960 and 1990 and China grew at a rate of about 10 percent between 1980 and 2010. In contrast, India’s average growth rate for the past 30 years has been 6.5 percent. In 1995, the value of China’s imports and exports of goods totaled $280.9 billion or 3 percent of global trade. By 2018, its total trade in goods had jumped to $4.6 trillion or 12.4 percent of global trade. In contrast, India’s share went up from 0.6 percent to 1.7 percent. Also, 75 percent of Indian exports have been in areas where the global export market was just about 30 percent.
The Modi government has used the Covid-19 crisis to usher in bold reforms and unveiled its vision of an Aatmanirbhar Bharat. It has come out with an ambitious PLI (Production Linked Incentive) scheme to create global champions across industries that will have the size and scale to penetrate global markets, something that China has successfully demonstrated in the past two decades in several sectors. The PLI scheme has been carefully devised and the government has expectations that the amount of about Rs 2 lakh crore earmarked for the scheme for the next five years would result in increasing production by about $520 billion. 13 carefully chosen sectors have been brought under the ambit of the scheme.
The Prime Minister said at a webinar earlier this month that the government is working at every level to promote industries through measures like ease of doing business, reducing the compliance burden, creating multi-modal infrastructure to reduce logistics costs and constructing district-level export hubs.
India is already witnessing a massive thrust to infrastructure in terms of new roads, bridges, airports, ports, rail and metro lines and high-speed freight corridors due to the policies of this government. The government has simultaneously rolled out ambitious plans of infrastructure spending with the National Infrastructure Pipeline envisaging an investment of Rs 111 lakh crore on infrastructure projects by 2024-25. The urgency of the government’s actions is evident from the Union cabinet’s recent decision to give approval to the setting up of a development finance institution (DFI) to fund infrastructure projects. The DFI will be fully owned by the government initially and the shareholding will gradually be brought down to 30 percent. The National Bank for Financing Infrastructure and Development (NaBFID) will be set up with a corpus of Rs 20,000 crore and an initial grant of Rs 5,000 crore and the government expects it to use the sum as a lever to raise up to Rs 3 lakh crore in the next few years.
Reforms have been initiated in the banking sector too and the government is absolutely clear about its direction. It is for the first time that any government has talked of the privatization of some banks. Due to the government’s strategy of “recognition, resolution, recapitalisation and reforms”, the NPAs of public sector banks fell by over Rs 1 lakh crore during the first nine months of the current fiscal to Rs 5,77,137 crore from Rs 6,78, 317 crore.
A reflection of investor confidence in the government’s economic policies is the rise in FDI. India witnessed a 13 percent rise in foreign direct investment to $57 billion in 2020 compared to the previous year, according to a UNCTAD report. India and China were the only two countries which saw FDI rising in the pandemic year, while the rest of the world, including developed economies, saw sharp declines.
There has been a lot of positive change in the business policy environment in the country, especially in the past six years. The government is paying attention to urbanisation as it is a driver of growth. The country has moved to be among the top 50 countries in the global innovation index. India’s ease of doing business ranking improved from 142 in 2014 to 63 in 2019. It is possible now to open a bank account in a few minutes and norms for opening new businesses have been liberalized. Much-needed reforms in mining, coal, labour laws, and agriculture have also been announced. When I came to India from the US about four decades back, it was the peak of the Licence-Quota Raj and an open and welcoming business environment was difficult to envisage. While some policy reforms were brought in 1991, hard reforms have been ushered now.
India can reclaim its status as the fastest-growing major economy in 2021-22 if the OECD projection of a 12.6 percent expansion in GDP is realised. After plunging into recession for the first time in nearly a quarter of a century due to the Covid crisis, India recorded a rise of 0.4 percent in the GDP in the last three months of 2020. The country has the potential to be a USD 1 trillion digital economy by 2025.
The latest estimate by UNCTAD has said that India’s economy, estimated to contract by 6.9 percent in 2020 due to the coronavirus pandemic, will record a “stronger recovery” in 2021 and grow by 5 percent. The September 2020 report by UNCTAD had said that India’s economy was forecast to contract by 5.9 percent in 2020 and recover to 3.9 percent in 2021.
The government has a sharp focus on innovation and growth of industry in sunrise sectors so that India can be a lead exporter in sectors where other countries do not yet have a comparative advantage. It has created a policy environment for sustained high growth and for the country to produce global champions.
The author is a political analyst and the former chairman of Andhra Pradesh Electronics Development Corporation.
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ICDMA FOUNDER TO INTRODUCE AI PLATFORM FOR IDENTIFYING AND MITIGATING DIGITAL RISKS
ICDMA is a provider of IT services such as Cyber Forensics, IT Audit, IT Risk Evaluation, and Digital Security. In recent years, it has become a tried-and-true standard for businesses looking to defend their brands, enterprises, and reputations from crippling cyber attacks. They develop and deploy information security platforms and services, both standard and personalised, to protect, evaluate, and respond to cyber threats such as security breaches that occur in your systems and networks. The services they provide include Application and Web Development, Graphic Design, Security Audits, Cyber Security Services, Vulnerability Assessments, Fraud Risk Management, and IT Consultancy.
In addition, the firm achieved awards for being the best Cyber Forensics firm preventing businesses from external threats. A cybersecurity analyst is responsible for the security of an organisation, business, or government agency from cyber threats. Their primary role is to analyse any possible threat that might occur through or to your system and come up with plausible and practical solutions to protect you.
Being a cyber security expert and analyst, Dheeraj Kumar has years of experience and stays up-to-date with the current crimes and security trends. He believes that like many other professions, this is a never-ending learning field. They monitor your networks and then analyse them to find common threat patterns or trends. Further, they design software that suits the needs of the problem at hand and ensures that these measures are maintained properly. If, in any case, they encounter a new problem, they utilise their years of experience and knowledge to produce a unique solution.
Witnessing the increased cyber threats, Cybersecurity analyst Dheeraj advises people to use the Internet wisely and productively. Dheeraj is currently working on an Al-driven platform for identifying and mitigating digital risks and counteracting brand impersonation attacks with the company’s patented technologies at its core. Dheeraj’s experience in threat hunting and cyber intelligence has been fused into an ecosystem of highly sophisticated software and hardware solutions designed to monitor, identify, and prevent cyberattacks.
A cybersecurity analyst is responsible for the security of an organisation, business or government agency from cyber threats. Their primary role is to analyse any possible threat that might occur through or to your system and come up with plausible solutions.
EXPO 2020 A GLOBAL PLATFORM TO HIGHLIGHT ACHIEVEMENTS OF SPACE SECTOR: EMM PROJECT MANAGER
The six-month Expo 2020 Dubai is a crucial window for the participating countries to present their accomplishments across different sectors, and the space sector is one of them. The event will shed light on the development of this sector around the world, emphasising its importance for humans in particular and the planet in general.
Expo 2020 has devoted a full week to space, from 17 to 23 October, during which a dialogue session will be held with Emirati astronauts along with entertainment, art and science activities. Also, information related to space sciences will be disseminated among other related space activities. In an interview with the Emirates News Agency (WAM), Omran Sharaf, Project Manager of Emirates Mars Mission (EMM), said, “This year, the UAE has achieved milestone accomplishments in the space sector by its arrival to Mars, and before that, it had played a key role in stimulating this sector besides the science and technology sectors.”
On the role of Expo 2020 Dubai as a prominent global platform to highlight the country’s achievements in the national space sector, Al Sharaf pointed out that Expo is not only a global event to showcase the cultures of other countries, but rather a platform for presenting scientific, technical and cultural achievements around the world.
He added that one of the reasons for the quick establishment of the space sector in the country “is because this sector depends on international cooperation, and the UAE did not consider its space programme as a race with other countries, but viewed it as an opportunity to cooperate with different nations, which contributed to activating the role of the sector and speeding its development, thus placing the UAE at the forefront of countries in this sector.”
Regarding the most nationally prominent projects in the space sector during the current period, Sharaf said, “The space sector is going through a very important and sensitive stage today, as the UAE has previously invested through the ‘Hope Probe’ project and other related projects to attract knowledge to the country from abroad and build on the capabilities of Emirati youth through knowledge transfer programmes.”
“Today, after His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai; and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, announced the upcoming mission, which is a new space programme to explore planet Venus and seven other [asteroids] in the solar system, the focus will be on transferring knowledge from the UAE space sector to the private sector to create a stimulating environment and support the science and technology sector in the country, and at the same time serve the UAE’s economy is facing various challenges, including water resources and food resources, among others,” he added.
When asked regarding the sector’s participation in the Space Week at Expo 2020, Sharaf said that the Mohammed bin Rashid Space Centre and the various specialised authorities have a great role in Expo. As for Space Week, there are various participations, including lectures, seminars, or receiving various delegations to discuss cooperation in the space sector.
“This is a great opportunity for countries to work together, and we, as the Emirati space sector, have decided to take advantage of this opportunity at Expo to build and strengthen these relations, and it will be the beginning of greater cooperation and ambitious projects across the world and the region.”
IIT KANPUR STUDY EXPLAINS THE SUCCESS OF COVID-19 CONTROL MODEL OF UTTAR PRADESH
The information has been collated and reviewed by the Social and Political Research Foundation, a policy think tank based in New Delhi, aimed at making public policy research holistic, accessible, and evidence-based.
The second wave of the Covid-19 pandemic disrupted the health system across India. Most states struggled to prevent the surge in cases and ensure adequate supply as the virus created a situation of upheaval. However, a recent study led by Padma Shri Awardee Prof. Manindra Agrawal of IIT-Kanpur elaborates that with careful planning, multiple strategies and close monitoring Uttar Pradesh’s Covid-19 response model turned out to be more effective in comparison with many other states.
TABLE 1: NTPR DURING THE SECOND WAVE
The data points out that the daily case count was brought down to just 1,497 on 31 May after the peak of 38,000 was recorded on 24 April. It can be noted that the reduction in numbers happened quite fast in the state as compared with many other ones, for example, Maharashtra and Kerala, which supports the study’s arguments.
Beginning with the foremost concern of reducing the spread, the UP model followed the Test, Trace, Treat, Tackle (TTTT) approach. Under the strategy, the TTTT teams were instated in rural UP to conduct door to door testing, enabling early detection and ensuring isolation and treatment. These TTTT teams covered around 97,941 villages. Niti Aayog and WHO also lauded the efforts of the state in conducting a mammoth house-to-house testing and tracing drive, supported by micro-planning and concurrent follow-ups. As highlighted by the IIT-Kanpur study, other measures of the state involved capacity building through intensive training on all major aspects of Covid-19, provision of infrastructures like ICU beds, ventilators, and creation of safety nets and incentives via state and central funding schemes (PMJJBY, PMSBY, AKBY, etc.).
While preventing the surge in cases was one aspect of the model, the government also managed the high demand crisis of oxygen resounding throughout the nation then. To tackle the surge in demand the government set up an oxygen monitoring system to track oxygen tankers and rolled out a stringent oxygen audit which saved around 30 MT of oxygen per day. Also, the state’s strategy to airlift empty tankers with the help of IAF lessened the turnaround time saving 10 hours. Apart from ensuring these, the model also addressed the concerns regarding the livelihood of the people. With the commitment to save the lives and livelihoods of people, the UP government did not resort to strict lockdowns and opted for partial curfews to break the Covid-19 chain. And, adapting to the situation of the pandemic, the government supplied policies for ease of mobility (separate buses and trains for migrant workers), employability (DBT 1000 to migrants) and sustenance (cash transfers to marginalised sections). The study also states that such measures helped in keeping the unemployment rate below the national average as depicted in the graph below.
Formulated on the four essential pillars of protection of livelihood, optimisation of economy, facilitation of healthcare services and restriction of virus spread, it has been pointed through the study that the UP Covid-19 model has created a benchmark. The study then draws a comparison among the states based on the Normalised Test Positivity Rate (NTPR) which is the ratio of Test Positivity Ratio and percentage of active cases. It shows that the strategy of the UP model was to aggressively change the pandemic which helped in the control.
Furthermore, the study also found that the timing of the containment measures was near-optimal, which in any other situation could have caused a peak of more than 70,000 daily cases as shown in the graph below.
Nonetheless, the second wave has dealt a heavy blow to not just India’s but globally existing health infrastructure, unveiling a systemic failure that led many to conclude that no model or strategy is perfect. This points towards a large scope of improvement for all state administrations and governing bodies.
The information has been collated and reviewed by the Social and Political Research Foundation, a policy think tank based in New Delhi, aimed at making public policy research holistic, accessible, and evidence-based.
LIFE SKILLS COLLABORATIVE LAUNCHED TO CHAMPION SKILLS FOR INDIA’S YOUTH
Eighteen organisations have come together to announce the launch of the Life Skills Collaborative (LSC) with the aim to support government agencies and education institutions by building a life skills platform that can aid in the transformation of India’s learning ecosystem. In the first phase, the LSC will work in tandem with state governments across Rajasthan, Uttarakhand, Maharashtra, and Mizoram to bring contextual, social and cultural inputs to the development of life skills among the young people of India.
The Collaborative comprises organisations with diverse and global expertise in education, skill development, health and gender with a commitment to collaborate in deepening the understanding of life skills, designing learning tools that nurture life skills, and developing context-relevant assessments to measure progress, share learnings and inform system change India. The current collaborators include Breakthrough, Centre for Science of Student Learning, Children’s Investment Fund Foundation, Dream A Dream, Echidna Giving, Gnothi Seauton, ICRW, Kaivalya Education Foundation, Magic Bus, Michael and Susan Dell Foundation, Omidyar Network India, Porticus, Pratham, Quest Alliance, Room To Read, Sattva Consulting, Shantilal Muttha Foundation and The Teacher Foundation. Speaking about the launch, Vishal Talreja, an LSC Collaborator and Co-founder of Dream A Dream, said, “One in three children in India live in extreme poverty and have stunted and/or wasted growth. Children from vulnerable backgrounds are exposed to a combination of adverse experiences causing an irrefutable impact on their physical and mental health. Empathy-based transformative pedagogy, experiential learning, and mentoring can help young people immensely.”
The Life Skills Collaborative will focus on three core areas:
1. Voices, a nationwide engagement with youth, parents, and teachers to capture their voices and translate them to insights that can drive the integration of life skills within public education systems.
2. Glossary, a set of definitions that serves as the vocabulary to discuss life skills in India and establish the foundation for discussing and aligning on outcomes, designing assessments across community, practitioners, and government.
3. Assessments, will focus on creation, establishment, and dissemination of an assessment repository for adolescents, teachers, and the system. At the adolescent level, this will assess student’s capacities and strengths in the age groups 11-14 years and 15-18 years; at the teacher level, it will assess the ability of the teacher to foster life skills in an adolescent; at the system level, it will assess the readiness of the system to deliver life skills.
Rathish Balakrishnan, an LSC Collaborator and Co-founder and Managing Partner at Sattva Consulting, said, “Young people often struggle to access education and employment opportunities, limiting their engagement in society and stunting their potential to live a full life. Equipping them with life skills can change this immensely. While there is a lot of interest in life skills, there is a lack of a common vocabulary and effective assessments, which limits its potential. By building credible and system-ready public goods, the Life Skills Collaborative can accelerate the effective adoption of life skills across the ecosystem.”
In recent times, the need for developing stronger life skills has become more acute. Focusing on building life skills in the next generation is imperative in enabling them to handle different situations capably. In a country like India, where a vast majority of the population is young, life skill development enables young people to direct and manage their lives positively.
Geeta Goel, an LSC Collaborator and Country Director, Michael and Susan Dell Foundation (MSDF, India), added, “The Life Skills Collaborative is an innovative attempt to solve a wicked problem – the development of life skills among the young people of India. To achieve this goal, it is essential to support organisations, institutions and government agencies in building a more inclusive learning environment suited towards promoting life skills.”
RED FM launches World Cup campaign ‘Totka Chalao India Ko Jeetao’
93.5 RED FM has kick-started its World Cup campaign ‘Totka Chalao, India ko Jeetao’. Capturing the passion and craze of fans, RED FM will celebrate the ‘totkas’ and will have RJs follow some of these tricks shared by listeners as part of the campaign.
Witness the best of entertainment with ‘Nand Kishore Bairagi’ aka RJ Kisna taking a spin on the ‘totkas’ in his unique style. The campaign will also have Bauaa aka RJ Raunac calling up opponent teams as part of his prank calls series. Keeping the passion of the World Cup alive, RED FM will also launch the anthem, ‘Totka Wala Gana’ capturing the craze of cricket fans across the country. Speaking on the campaign, Nisha Narayanan, Director & COO, RED FM and Magic FM, said, “Cricket generates a kind of excitement that cuts across all sections of the society in India. Fans have been eagerly waiting for the mega tournament to start after the Covid-19 pandemic put a stop to all sporting activities. Over the years, cricket has united fans and radio has been a crucial part in bringing them together. There’s no denying that luck and superstitions go hand in hand with a cricket fan and this year we are bringing some of those practices the fans have subconsciously picked up over the years and now cannot let go. Our campaign, ‘Totka Chalao, India ko Jeetao’ will highlight some of the crazy ‘totkas’ that cricket fans follow across the country. We hope that you will share your favourite ‘totkas’ with us and cheer for team India with RED FM.”
MICHAEL KORS TO LAUNCH MK MY WAY IN-STORE POP-UPS THROUGHOUT INDIA
Michael Kors has announced the launch of an exciting new pop-up store activation throughout India to celebrate MK My Way—the popular interactive experience that immerses customers in the luxe world of Michael Kors and lets them customise their Signature logo print handbags with their initials.
The MK My Way activation will take place in stores with a colourful pop-up kiosk. Equal parts elevated and high-energy, the pop-up’s countertop and facade are splashed with metallic hues and punctuated by oversized, graphic takes on the brand’s signature print. After selecting their Signature print handbag, customers have the chance to have their bags hand-painted by Bangalore-based artist and illustrator Srishti Guptaroy (@srillustrator) with either their English/Hindi initials or with one of four unique motifs designed specifically for Diwali.
As an extension of the in-store program, the motifs will also be made into gify stickers available for all Instagram users. Supplies are provided by Angelus Paints, a California paint company and world leader in luxury customisation. To celebrate the launch, the brand has also created a digital campaign starring Bollywood actress Janhvi Kapoor (@janhvikapoor).
The pop-up store activations will take place in several cities throughout India, including:
Jio World Drive in Mumbai (from 8 to 31 October)
DLF Emporio in Delhi (from 11 to 31 October)
UB City in Bangalore (from 23 to 30 October)
Tatacliq Luxury (online) (from 18 to 31 October)
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