India to become a powerhouse driving global growth by 2047: Piyush Goyal - The Daily Guardian
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India to become a powerhouse driving global growth by 2047: Piyush Goyal

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Goyal calls upon all stakeholders to take collective efforts towards fulfilling the resolve of becoming a developed nation by 2047

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that India is on the path to become a powerhouse driving global growth by 2047. He said this while interacting with the Business Community of Southern California.

In his address, the Minister said conclusion of the Indo-Pacific Economic Framework (IPEF) IPEF is an important milestone for free and fair trade with like minded countries, who share a common objective to have rule based international order and a transparent economic system. Politically stable and open economies in the Indo-pacific are coming together to expand economic activities amongst each other, he added.

Addressing the gathering, Goyal said the transformational work happening in India has taken the country to the 5th spot among world economies. Assessing the impact of the foundational changes and structural transformation that has happened in the last few years, Shri Goyal mentioned that CII estimates India in 2047 to be a USD 35-45 trillion economy, taking India into the league of developed nations.

Emphasising that India today is a land of opportunities and a potential market for the business community in the US, he noted that India has the advantage of demographic dividend and its aspirational young population provides a huge opportunity for growth. Goyal mentioned that India is also rapidly transitioning to clean energy, adding that we aspire to achieve 500 GW of green energy capacity by 2030.

The Minister said that India’s Prime Minister Narendra Modi has brought political stability to the country and under his leadership we have a government that is – decisive, willing to take strong decisions in the interest of prosperous india, balances public good and social welfare for needy deprived section and at the same time also empowering 1.3 billion citizens become better citizens and contribute to economic growth and development of the country. Speaking about welfare measures taken by the Government in the last few years, Goyal said the government has been able to meet basic needs of people – food security- shelter and access to toilets.

“We are proud to be the mother of all democracies. We are proud to have a vibrant judiciary and rule of law, robust media, and transparent Govt systems”, said Goyal.

Noting that India today has emerged as the trusted partner of the World, Goyal said India has now emerged as a high quality manufacturer of valuable goods and services, given the skillsets and the talent pool available across sectors- IT, textiles, hospitality, gems and jewellery and added that each one of these would provide opportunity for investors looking to engage with India.

Addressing the gathering, Goyal said as we embark on our journey towards making India a developed nation by 2047, it is important for us to reflect on where we see India in the next 25 years.

Recalling that Prime Minister Modi has recently emphasised on Kartavya, bringing a sense of duty to every countrymen, Goyal called upon all the stakeholders- Indians and Indian Diaspora, to take upon themselves the duty to work collectively and make collective efforts, towards the fulfilment of our resolve of becoming a prosperous and developed nation by 2047.

The Minister concluded his address by urging everyone to use ODOP products for every occasion adding that if the Indian diaspora across the globe gives preference to Made in India products, crores of Indian artisans will be supported for a better tomorrow.

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Policy & Politics

Dr Mansukh Mandaviya awards best performing states for PMJAY and ABDM at Arogya Manthan 2022

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Dr Mansukh Mandaviya awards best performing states for PMJAY and ABDM at Arogya Manthan 2022

“There should be no space for fraud in AB-PMJAY which aims for healthcare of the poorest from the society. We need to use all available technology tools to remove even the smallest scope for any fraud”. This was stated by Dr Mansukh Mandaviya at the closing day of the two-day Arogya Manthan 2022, celebrating completion of 4years of Ayushman Bharat PMJAY, and one year of Ayushman Bharat Digital Health Mission, here today. Ms Veena George, Minister of Health, Government of Kerala and Dr V K Paul, Member (Health), NITI Aayog were also present.
Speaking on the occassion while awarding top performing states, districts, integrators and health facilities, Dr Mandaviya said that the two days’ brainstorming session would contribute to giving additional boost for rethinking and improving PM-JAY and ABDM. “Even a small suggestion has the power for bringing big change”, he stated.
Dr Mandaviya urged states who are still to cover eligible beneficiaries, to accelerate their efforts to provide Ayushman Bharat cards to all of them. He also encouraged stakeholders to bring innovative solutions for integrating technology in digital health.
Union Health Minister awarded the Ayushman Utkrishtata Puraskaar (Ayushman Excellence Awards) 2022 to felicitate the Top Performing State/UT (Andhra Pradesh), Top Performing District (Parvathipuram Manyam, Andhra Pradesh), Top Performing Government Facility (District Hospital Dharwad, Karnataka), Best Performing States (Kerala, Meghalaya, Gujarat, Manipur, Jharkhand, Uttarakhand, Chhattisgarh and Madhya Pradesh), Best Performing UTs (Chandigarh, J&K), and PMAMs (Pradhan Mantri Arogya Mitras) under the AB PM-JAY and ABDM. The winners of ABDM Hackathon Series Round 1 (Bajaj Finserv Health – Team Excalibur) were also awarded at the ceremony.
The second day of Arogya Manthan 2022 had panel discussions with eminent thought leaders from relevant public and private sector organizations.
The sessions covered best practices & learnings from the states, digitization of health insurance in India, international best practices in digital health and way forwards sessions to deliberate and collaborate for drawing the future roadmap of the two schemes, AB PM-JAY and ABDM.
Shri Rajesh Bhushan, Union Health Secretary, Dr R S Sharma, CEO, National Health Authority (NHA). Principle Health Secretaries of States, NHM MDs, representatives from international Organisations and the private sector were present.

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Policy & Politics

Foreign trade policy extended for six months

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Foreign trade policy extended for six months

The government has received requests from Export Promotion Councils and leading exporters that we should continue with current Foreign Trade Policy (2015-20), which had been extended from time to time.
In recent days, exporters and industry bodies have strongly urged the government that in view of the prevailing, volatile global economic and geo-political situation, it would be advisable to extend the current policy for some time, and undertake more consultations before coming out with the new policy.
The government has always involved all stakeholders in formulating policy. In view of this, it has been decided to extend the Foreign Trade Policy 2015-20, valid till Sept 30, 2022 for a further period of six months,

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Policy & Politics

Union Home and Cooperation Minister Shri Amit Shah addressed the Kisan Sammelan in Ahmedabad, Gujarat today

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Union Home and Cooperation Minister Shri Amit Shah addressed the Kisan Sammelan in Ahmedabad, Gujarat today

After completing the Narmada project which was pending since decades, Prime Minister Narendra Modi has completed the herculean task of bringing Narmada waters to Kutch
Under the leadership of Prime Minister Narendra Modi, the Government of Gujarat is determined to solve the long-standing problems of the farmers, now 164 villages of Fatewadi, Kharikat and Nalkantha areas were included in the Narmada Command Area and the problem related to irrigation was ended
Narmada water is taken to 53,215 hectare of land of farmers of 164 villages which were facing the problem of irrigation, lakhs of people will be benefitted by this
Union Home and Cooperation Minister Amit Shah addressed the Kisan Sammelan in Ahmedabad, Gujarat today. Many dignitaries including the Chief Minister of Gujarat, Shri Bhupendra Patel were also present on the occasion.
In his address, the Union Home Minister said that since many years 164 villages of this region have been deprived of complete irrigation system, but today under the leadership of Prime Minister Narendra Modi, the Government of Gujarat has included 164 villages of Fatewadi, Kharicat and Nalkantha region under Narmada Command Area to eliminate the problemls in irrigation. Now, Narmada’s water will be delivered to 53,215 hectare land of farmers of 164 villages troubled by the problem of irrigation, which will benefit lakhs of people. He said that now Narmada’s water would come through the canal and if farmers would be able to produce three crops on this 70,000 hectare land, then this area would be full of prosperity.
Amit Shah said that Prime Minister Narendra Modi had brought Narmada waters to this point in Gujarat. He said that the previous governments had stopped the Narmada scheme from 1964 based on one or another excuse, but when Shri Narendra Modi became the Chief Minister of Gujarat, he first worked as the Bhagirath of Gujarat to implement the Narmada scheme in Ahmedabad. Shri Shah said that Prime Minister Narendra Modi has implemented many schemes to double the income of farmers in the last 8 years. Agricultural insurance has been made scientific, attractive and easier for the common people so that they can use it. Every year, Shri Narendra Modi has made arrangements to directly deposit Rs.6,000 in the bank accounts of small, big and marginal farmers.
The Union Cooperation Minister said that earlier there used to be black marketing of fertilizers or manure and farmers did not get their due, but Shri Modi ended the black marketing of manure by introducing neem coated urea and is now promoting natural farming. Shah requested all the farmers to adopt natural farming. He said that more than three lakh farmers in Gujarat have adopted natural farming. He said that 21 acres of natural farming can be done from one cow and there is no expenditure on urea, pesticides etc. Shri Shah said that Prime Minister Narendra Modi is encouraging the farmers of the country to go for natural farming. The Union Home Minister requested the youth of Nalakantha to talk to five or ten progressive farmers doing natural farming in their village and know their experiences about natural farming.
Amit Shah said that Prime Minister Narendra Modi has started many new initiatives through the Ministry of Cooperation. Primary Service Cooperative Boards used to do only lending work, but now they will also be able to work as FPOs. These divisions will now be able to take gas agency, they will also be given priority in petrol pumps, distribution of water and will also be able to do the work of PCO. Prime Minister Narendra Modi has connected all such works with Primary Service Cooperative Boards. He said that soon we are going to form a new multistate co-operative society which will act as export house and export the produce of the farmers and the profit will go into the bank account of the farmer. Apart from this, there is no system of marketing, certification and testing for natural farming at present, hence we are moving towards creating such a cooperative society for the proper testing of both the soil and its produce and its branding with Amul.

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Policy & Politics

Govt. commits Rs. 7,385 crore under fund of funds for Startup India Investment for 88 Alternative Investment Funds (AIFs); 720 startups supported by AIFs

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Govt. commits Rs. 7,385 crore under fund of funds for Startup India Investment for 88 Alternative Investment Funds (AIFs); 720 startups supported by AIFs

Fund of Funds for Startups (FFS), launched under Startup India initiative in 2016 by the Prime Minister, Shri Narendra Modi has committed Rs. 7,385 crore to 88 Alternative Investment Funds (AIFs) as of 24th September 2022. These AIFs in turn have invested Rs. 11,206 crore in 720 startups. FFS has been playing a monumental role in mobilizing domestic capital in Indian startup ecosystem.
FFS was announced with a corpus of Rs. 10,000 crore. The corpus is to be built up over 14th and 15th Finance Commission Cycles (FY 2016-2020 and FY 2021-2025) through budgetary support by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India. Under FFS, support is extended to SEBI registered Alternative Investment Funds (AIFs), which in turn invest in startups.
FFS has not only made capital available for startups at early stage, seed stage and growth stage but also played a catalytic role in terms of facilitating raising of domestic capital, reducing dependence on foreign capital and encouraging home grown and new venture capital funds. Collectively, the AIFs supported by FFS have a target corpus of over Rs. 48,000 crore. Among the prominent AIFs of leading startup investment firms supported under FFS are Chiratae Ventures, India Quotient, Blume Ventures, IvyCap, Waterbridge, Omnivore, Aavishkaar, JM Financial, Fireside Ventures, and more.
The amount committed under FFS has seen a notable growth over the years recording a CAGR of over 21% in since the launch of the Scheme. Furthermore, Small Industries Development Bank of India (SIDBI) which is responsible for operationalising the Scheme has undertaken a series of reforms recently to expedite the drawdowns to enable AIFs assisted under FFS to avail accelerated drawdowns. This has created a positive impact and have resulted in year on year (Q1 FY 2021-22 vis-à-vis Q1 FY 2022-23) surge of 100% in the amount of drawdowns.
FFS has helped anchor 67 AIFs out of 88 AIFs supported and 38 of these are first time fund managers which is line with FFS’s core objective of anchoring venture capital investments for Indian startups.
Investments into eligible startups is approximately 3.7 times of FFS disbursements which is well above the minimum stipulated 2 times under the Scheme. Performing startups supported through FFS are showing valuation increase by more than 10 times with number of them even achieving unicorn status (valuation of over USD 1 billion). Dunzo, CureFit, FreshToHome, Jumbotail, Unacademy, Uniphore, Vogo, Zostel,Zetwerk etc., are some of the notable startups funded through FFS.The returns generated from the success of these startups and innovation created will remain within the country and facilitate generation of employment and creation of wealth.

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Policy & Politics

Capt Amarinder Singh to attend BJP core committee meet

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Captain Amarinder Singh, a former chief minister of Punjab, will attend the Punjab BJP’s core committee meeting on Monday at the party’s Chandigarh headquarters.

After joining the BJP exactly one week ago, this will be the former Congress leader’s first trip to the party’s headquarters. In the national capital, his daughter Jai Inder Kaur and son Raninder Singh both joined the BJP.

On September 19, Capt. Amarinder Singh combined his party, the Punjab Lok Congress, which he launched after leaving the Congress last year, with the BJP.

On Monday evening, Capt. Amarinder Singh and Ashwani Sharma, the chief of the state BJP, will address a joint press conference.

After the assembly elections in February, this will be the former chief minister’s first appearance in public in the state.

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Nation

PM Modi, Rahul Gandhi wish Manmohan Singh on his 90th birthday

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Prime Minister Narendra Modi on Monday sent Dr. Manmohan Singh his birthday wishes on his 90th birthday, wishing him a long and healthy life.

“Birthday greetings to former PM Dr Manmohan Singh Ji. Praying for his long and healthy life,” tweeted PM Modi.

Rahul Gandhi, the leader of the Congress, sent Dr. Singh birthday greetings as well.

Wishing one of India’s finest statesmen, Dr Manmohan Singh ji a very happy birthday. His humility, dedication and contribution to India’s development, have few parallels. He is an inspiration to me, and to crores of other Indians. I pray for his good health and happiness,” tweeted the Wayanad MP.

Before the partition, Singh was born on September 26, 1932, in the Punjabi village of Gah. He studied at Oxford, Cambridge, and Punjab University.

Today marks the 90th birthday of Dr. Singh, who served as prime minister for two consecutive terms (from 2004 to 2014). He is a well-known economist who is credited with enacting significant reforms in the 1990s.

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