Since 1991, growth was driven by private sector more than public sector: NITI Aayog's Amitabh Kant

Since 1991, growth was driven by private sector more than public sector: NITI Aayog's Amitabh Kant

FPJ Web DeskUpdated: Thursday, June 03, 2021, 10:00 PM IST
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NITI Aayog CEO Amitabh Kant | Twitter

India has an opportunity to transform itself within a generation, stated Amitabh Kant, CEO, NITI Aayog, like economies in East and South East Asia transformed themselves within a generation. But this will be possible with the support of the private sector and investments, he added.

He was speaking at the virtual launch of ‘FICCI Young Leaders Forum – Maharashtra Chapter’.

Kant said, “In shaping a post-COVID reality, there is no way out for India but growth. We have seen economies in East and South East Asia transform themselves within a generation through ushering in reforms and policies to promote private sector led growth and investment.”

“As our economy has evolved since 1991, the private sector has driven the growth more than the public sector. While the government plays the role of a facilitator, it is the private sector that will have to drive cost efficiencies converging to global quality levels of goods and services along with achieving competitiveness in the global market,” he emphasised.

He stressed the need to raise investment levels which will be crucial to India’s growth story in the future.

Kant stated that India is a young country, and it is important that the youth get increasingly involved in the decision-making process.

He also stated that it is the young leaders who will drive change in India. The six themes like leadership and governance; economic and social governance; climate change and sustainability; collaboration; mental health and wellness; inclusiveness and diversity and finance identified are critical in evolving a new post-COVID world.

“We have learnt many lessons from this pandemic that has reshaped the way businesses and government function along with the way people live,” he added.

Kant stated, “Innovation, rising competitiveness and generating employment are the key instruments to growth that are unlocked through higher investments by the private sector.” He added leveraging the use of technologies is another key aspect that young leaders must consider.

He said that many government schemes are transformed using technology. There has been a profound transformation in the delivery of government schemes and benefits ushering in an era of transparency and accuracy through a very concerted effort towards digitalization. “Placing sustainability at the core of our efforts is the need of the hour. With climate change upon us, it is our collective responsibility to devise an adaptation and mitigation strategy. Forums like FICCI Young Leaders are crucial in the nation building process going ahead,” he noted.

Meanwhile, the event was attended by Ajay Piramal, Chairman, Piramal Group. During the event, he said that the future is truly for the young people to shape. “Today, capital is no longer a barrier to entry. Innovation is so much more important today than it was ever before. Industry must keep customers in the center of business and design business around the customer along with the changing needs,” he added.

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