By the middle of the 21st century, India would be the largest market on earth
“India will soon have the largest population, and with rising per capita incomes, it will go on to be the largest market in the world. By 2030, India would also be an upper-middle-income country where one in two households is expected to be comfortably in the middle class.
"By the middle of the 21st century, India will be a country that no power would be able to ignore, and its economy would be closely linked to product markets through global value chains, and to the factor markets through investment capital and skilled workforce."
Serious attempts are being made through the Skill India Mission to skill nearly 400 million people
"India enjoys a demographic dividend. Its working-age population is larger than its nonworking age population. This dividend is likely to propel growth for at least three decades to come. By 2030, India will have a surplus skilled labour of over 200 million, and it would be a net supplier of skilled workforce for the entire world. These workers will also be English speaking, globally mobile and drivers of growth for economies around the world.
India is turning into a haven for new entrepreneurs
"India has made the fastest progress in improving the ease of doing business. Its global ranking has jumped by 79 places to 63th in 2019, in a short span of five years.
"India is the fastest-growing digital economy and has the third-largest Start-up ecosystem in the world. This combined with a large pool of skilled professionals will make India the technology incubator of the future world.”
India has undertaken monumental tax reforms
Goods and Services Tax has done away with cascading, differential tax systems and brought India's complex federal polity under one nation, one tax regime. "GST is now being further simplified to internalize efficiencies and to evolve a moderate and efficient indirect tax system that creates an integrated market for the whole economy.
"Corporate tax reforms announced recently are equally historic. Corporate tax rates have been brought down from 30 to 22 per cent and for new investments to only 15 per cent making India one of the most competitive industrial locations across the world.
Modern logistics improve the efficiency of our economy and makes India globally competitive
"Five years ago, we used to build 12 km roads per day; today we build 30 km per day. We are modernizing our railways and have undertaken major upgradation of our ports and airports through the public-private partnership route."
India is one of the most attractive FDI destinations in the world
India has undertaken unprecedented structural reforms since the liberalization of the 1990s. Several industries have been de-regulated, many state-owned enterprises privatised and the government has opened its doors to Foreign Direct Investment. India today has one of the most liberal FDI regimes, with more than 90 per cent of foreign investment flowing-in through the automatic route.
"Over the last five years, Government has undertaken deeper FDI reforms liberalizing defence, construction, single-brand retail, contract manufacturing, aviation, financial services, mining etc. As a result, India achieved record FDI flows of US $286 billion between 2014-15 to 2018-19 making it the one of most attractive FDI destination across the world.”
