What do you think is the key driving force of Indian economy?
While the majority of Indian workforce is agrarian, most of the income is generated by industries that generate products and services. It is a commonly known fact that businesses drive any economy. In India, according 2020 figures, agriculture formed roughly 18% of our GDP, 23% coming from manufacturing sector and 49% approximately coming from service sector. This is swinging largely towards service sector as they go on to increase their share year on year.
What do you think the country needs to do to accelerate its lag in GDP per capita?
India needs to step up its efforts to improve on its Ease of Doing Business parameters. Making our judiciary better & quicker, getting rid of archaic laws, lowering crime rate, providing a pathway for unskilled and low wage workers to jobs and doing better on becoming a preferred offshoring destination, can help tremendously. I know this is not easy but it’s not that difficult either. There has to be some sort of understanding between the private sector and GoI that they are both institutions for a more prosperous country and that it is the duty of GoI to regulate and de-regulate, and the private sector to self-regulate. Export market for indigenous food processing industry can help inculcate a growth path for small holder farmers.
What are the greatest impediments businesses face today in India?
Greatest hindrances faced by Indians today are corrupt bureaucratic control in India and heightened regulatory hurdles. State should view businesses as heroes who create employment, pay taxes and carry the Indian torch forward. There has to be a meeting ground between businesses and the country which can be based on ethical practices from both sides. Corruption at different levels has sucked into our Nation’s fabric since independence and taken away decades of growth.
Today, India is also central to the world and while people want to give our country a shot, it is the job of GoI to welcome them to work and invest. No nation can succeed on a standalone basis, and we need to make sure ours is a growth that is synced with the rest of the world, synergized with the new era ideologies and we are moving forward, not standing at status quo.
When do you see the Covid-19 pandemic ending?
I think 2022 will see the end of the pandemic’s chronic part. Continuous research will deliver immunization vaccines which will deliver a lifetime of preemption from the disease. For now, if we get vaccinated and take boosters, it can help us all get back on track to normalcy.
The new normal will be a more unified world, I am sure. Economic direction will also see a new uplift towards a higher degree of globalization and it will and should be, world first and national boundaries second, for everyone. What happens in one part of the world, effects the other part very directly. We will see heightened globalization in the future, in my view, and less barriers.