Speaking at the Theme Setting Session at the CII Partnership Summit 2017 and Sunrise Andhra Pradesh Investment Meet organised with the support of Department of Industrial Policy & Promotion, Government of India and Government of Andhra Pradesh in Visakhapatnam, Mr Naushad Forbes, President, CII, said that India is the third largest contributor to global GDP growth and is growing to be the among the top ten best performing economies of the world in the next 25 years. Indian GDP growth is largely driven by consumption accounting for two-third of its total GDP growth. The importance of consumption as the engine of growth is that it creates space and opportunities for firms within India and around the world in various sectors to participate in the growth process of India.
A challenge that India needs to address is the quality of employment generated. India needs the participation of the world in generating widespread, rapid, quality employment, especially in the informal sector, said Mr Forbes.
Moderating the session, Mr Norman Pearlstine, Vice-Chairman, Times Inc. focused on the key areas for cooperation between India and the US, like trade, infrastructure, clean and alternative energy, and how both the countries can contribute to their mutual growth story.
India has already established itself as a global contributor of peace, security and economic development, said Ms Lisa Curtis, Senior Research Fellow, Asian Studies Center Davis Institute for National Security and Foreign Policy, The Heritage Foundation, USA, and this can be credited to the government’s policies of prioritising economic development growth, extending its global leadership role, robust diplomatic initiatives and engagement of the diaspora community who contribute ideas, energy and expertise.
Speaking on India-US relations, Ms Curtis stated that there has been extraordinary progress in the defense sector, be it US designating India as its major defense partner, increased access to technology or the signing of the logistic sharing agreement between the two countries that will give each country access to the other’s military bases. She also said that US will also continue to the push for India’s membership in the Nuclear Suppliers Group.
Ms Curtis added that emphasis should be laid on issues such as women empowerment, infrastructure development, human capital development and improving India’s education system in the country’s growth process.
Deliberating on the ways in which energy policies may impact India’s development, Mr Forbes and Ms Curtis agreed that the energy sector is a key driving element of India’s foreign policies. India also needs to focus on regional economic integration by exploring opportunities for deeper regional cooperation with its neighbouring countries like Bangladesh and Nepal in the energy sector. Mr Forbes said that pollution is a major challenge the Indian cities need to address and to do this both the Centre and state governments should work in tandem.
27 January 2017
Visakhapatnam