Book Description

India started its economic reforms in 1991 and has seen huge incremental benefits – greater openness, higher growth and substantial poverty reduction. India is now the world's sixth largest economy and has seen major transformation in many parts of the economy and the country. But with new opportunities have come new challenges which are now being tackled. Seminal reforms such as GST and IBC are transforming the economic landscape of the country. India's infrastructure deficit is being addressed at a faster pace and the ease of doing business is being tackled on a war footing with India's global rankings showing huge improvements. But yet more needs to be done as the aspirations of India's young population are huge. India is also in the midst of a huge demographic transformation which if taken advantage of can propel India to even higher levels of growth. The benefits of India's demographic dividend and a huge domestic market puts it in an advantageous position to become a $9 - 10 trillion economy by 2030. However, our economic growth is contingent on improving competitiveness, attracting more investment, creating enough employment opportunities to absorb the growing population and overcoming the challenges of exclusion and inequitable access due to multiple deprivations of class, caste and gender — all of which require disruptive approaches to find solutions. Unfortunately, there is no single silver bullet, no one action that will fix all the problems that we face currently. Rather, we need to act on several fronts. The Modi’s Vision 2030” was initiated with a view to chart out an agenda of reforms and programmes in 10 inter-connected areas that will help drive India to its goals of shared prosperity by 2030 and a more competitive economy rising to become the third largest in the world. This report, encompassing ten underpinning chapters, identifies the challenges of tomorrow, points to key choices ahead, and recommends not just “what” needs to be reformed, but “how” to undertake the reforms. Policy consistency and coordination is essential if we are to achieve inclusive growth and significantly reduce unemployment. Productivity and investment-led transformation can inject new dynamism into the economy and ensure future growth, employment, and prosperity. This would enable the economy to gain the momentum it needs to become the global economic centre and become a magnet for investments. In the last 91 years, FICCI has played an active role in the progress and development of the Indian economy, representing not just the voice of industry but also being an active partner in the development agenda of the government. By 2030, India should transcend a new era of transformation and FICCI will continue to contribute to the building of a “New India”. We are confident that you will find this report insightful and engaging and look forward to your feedback and suggestions.