riven by its sizable population, particularly its youthful demographic.
He juxtaposed this with India’s superior positioning, emphasising the nation’s conducive business environment and enhanced global reputation.
Also, Prof. Anil Kumar of Sri Ram College of Commerce, Delhi University, shed light on the economic landscape preceding 2014, characterising it as a period of policy paralysis and potential fragility for India’s economy.
Kumar commended Indian Prime Minister, Narendra Modi’s administration for implementing robust measures that revitalised the economy.
He highlighted key initiatives such as the Jan Dhan Account-based Direct Benefit Transfer system, the Swachh Bharat Mission, and the Make in India campaign.
He emphasised the distinctive feature of the Modi government: its commitment to translating policies into tangible outcomes.
He also argued that this commitment, coupled with effective policy implementation, had positioned India on the path to becoming the world’s third-largest economy.
He underscored the government’s focus on transforming Bharat into a global manufacturing and supply chain hub, supported by the establishment of world-class infrastructure, including highways and roads.
Kumar emphasised the importance of these initiatives in generating employment opportunities, particularly in the unskilled and unorganised sectors, thus triggering a multiplier effect on the economy.
Mr Pravin Kumar, Chief Finance Officer of Fast Moving Consumer Goods (FMCG) company in Nigeria, provided insights into India’s path toward attaining developed nation status based on purchasing power.
He said that India currently boasts a purchasing power of 9,000 dollars per month, while the United States stands at 25,000 dollars per month.
According to him, once India achieves parity with the United States in terms of purchasing power, it will transition into a developed nation.
He applauded India’s efforts in simplifying visa and passport procedures, making it easier for Non-Resident Indians (NRIs) to address their concerns at embassies.
He emphasised the significance of this streamlined process in fostering a conducive environment for NRIs and enhancing their engagement with Bharat’s affairs.
He also discussed the nation’s s strides in improving its export scenario, particularly by enhancing the export clearance system.
“This focus on facilitating trade and expediting export processes contributes to bolstering India’s global competitiveness and expanding its presence in international markets,” he said.