 "We need more large companies to aid India's high growth: Amitabh Kant")
For India to achieve 'developed nation' status, Amitabh Kant, G20 Sherpa and former chief executive officer of the National Institution for Transforming India (Niti Aayog), Government of India, stated that the country needs to have more large businesses like Adani and Ambani. At the Business Standard Manthan event, Amitabh Kant engaged in a discussion with Nivedita Mookerji, executive editor of Business Standard, shedding light on India's participation in the G20 and its path to development.
"We need many more Adanis, Ambanis, Tatas, and Marutis... and many more large companies, because they create their own ecosystem of Tier-II to Tier-IV manufacturers, Micro, Small & Medium Enterprises (MSMEs), Small & Medium-Sized Enterprises (SMEs), and microbusinesses... This also facilitates job creation," Kant said.
India's stature and standing in G20
Kant highlighted India's ability to achieve consensus across diverse issues in the multilateral forum of G20, showcasing its leadership role among emerging markets. He discussed India's contributions ranging from economic growth to Sustainable Development Goals, digital public infrastructure, and addressing the Russia-Ukraine crisis. Despite facing numerous challenges, including climate change and geopolitical tensions, India successfully demonstrated its ability to secure 100 per cent consensus.
On his own experience as a Sherpa, Kant said, "As a Sherpa, I could take a lot of risk, be aggressive because of the standing and stature of the country. That's why we were able to push the limit and achieve consensus."
India's path to development
When questioned about India's trajectory towards becoming a developed country by 2047, Kant emphasised the importance of driving growth across various sectors. He stressed the need for aggressive measures to promote manufacturing, sustainable urbanisation, and enhance agricultural productivity. Kant outlined key priorities, including reducing dependency on agriculture, boosting manufacturing, and fostering the services sector's growth.
Make in India
Speaking on the 'Make in India' initiative, Kant emphasised the significance of achieving size and scale in manufacturing. He underscored the role of large corporations in creating ecosystems that support small businesses, thereby generating employment opportunities. Kant emphasised the importance of building a robust global value chain and ensuring competitiveness through efficient logistics and globally competitive tariff rates on inputs.
States as agents of growth
Kant highlighted the need to empower states as agents of transformation and drive growth across all regions of India. He advocated for scrapping outdated regulations inherited from the "socialist era" to foster a conducive business environment nationwide.
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Key priorities for development
Kant stressed the importance of improving learning and health outcomes to meet the skilled labour demands of a developed nation by 2047. He emphasised the critical role of manufacturing in driving economic growth and highlighted the need for sustainable urbanisation with a focus on public transportation and waste management.
"We need 10 states to grow at more than 10 per cent to drive growth," he said.
Encourage startup disruption
Kant proposed measures to stimulate job creation, including fostering the growth of startups and allowing greater capital inflow into the startup ecosystem. He emphasised the need for Indian families to invest in startups and advocated for creating an enabling environment for entrepreneurship to thrive.
He said, "India is the third-largest startup country in the world right now. We need to become the largest startup nation by 2030."