India is celebrating its 75th year of Independence this year. Over the past decades, the country has made strong strides in terms of growth and development and is today amongst the key influential economies in the world. However, the economic potential of the country is yet to be tapped fully. The demography, location, resources, and talent offer a significant advantage to India vis-a-vis its peer economies. These need to be leveraged effectively through appropriate policy planning, design and strategy.
Amongst the recent developments, the covid pandemic has had a deep impact on the world, setting back growth of most economies. India too witnessed a growth contraction in FY21 and getting back to pre-covid levels of growth has been a priority. Most recently, India has seen a strong recovery in growth in the first quarter of current fiscal. Economic activities have also resumed to pre-covid normalcy in several sectors. As per IMF, the country is expected to grow at 9.5% in FY22. This is a positive sign and there is a need to sustain this growth momentum. There is also a need towards a continued higher growth trajectory for the coming decades. The role of policymakers and private sector will be equally important in achieving this feat.
The idea is to assimilate views on the current transformation and ideas for further development of Indian economy. With India turning 75, what should be the strategy to make India a prosperous and developed nation in the next 25 years when India will celebrate its centenary. The publication will serve as a ready reckoner of ideas and suggestions that can be considered by policymakers and industry leaders to plan and implement appropriate strategies.