Niti Aayog CEO Amitabh Kant has reiterated the government’s focus on promotion of public-private partnerships (PPP), sunrise areas and ease in compliance at an economic conclave organised by PHD Chamber of Commerce and Industry (PHDCCI).
Niti Aayog CEO Amitabh Kant has reiterated the government’s focus on promotion of public-private partnerships (PPP), sunrise areas and ease in compliance at an economic conclave organised by PHD Chamber of Commerce and Industry (PHDCCI). In his address, Kant emphasized that the country now has an opportunity to bring changes that will help in transformation of businesses. In order to uplift the economic growth and ease of business, exports will be one of the areas where the government’s key focus will now lie.
“Exports will be the engine through which we must drive growth in the near term. Globally, demand is rising, and the world is awash with liquidity. Our exports between January and May have totaled $152 billion, significantly higher than any other similar period,” Kant said. Apart from this, bringing in reforms, an easing regulatory burden as well as availability of credit and lowering the cost of logistics is expected to drive exports going forward.
Additionally, the country is gearing up for investments and expansions in “sunrise areas for growth” which includes elective vehicles, EV battery storage manufacturing, green hydrogen, artificial intelligence (AI), data analytics, blockchain, cybersecurity; cloud computing and genomics industries. In order to bring down competitiveness, Kant said the country is aiming to create an enabling environment that will allow these technologies to thrive and ensure India’s position across the world. Apart from this, digital payments will also be given priority.
In terms of PPP models, importance will be given to both physical and social infrastructure. “Now more than ever, the importance of social infrastructure such as healthcare facilities has come to the fore. Unlocking investments in this sector will be crucial to India’s resilience and adaptability. Partnerships of the private sector in unlocking the potential of innovative financing mechanisms such as asset monetisation, providing an impetus to green finance are other potential areas, amongst others,” said Kant.
It is to note that India has ranked 79 in ease of doing business index. Kant highlighted that the government will be making more efforts in reducing the number of filings, clearances, compliances to further ease the business environment. “Action is now needed at all levels of government to rationalise and streamline forms and clearances. Single window clearances, timely clearances and land acquisition are areas for state governments to focus on.”
Meanwhile, state governments have been asked to take the lead in instituting labour reforms, and rationalising the costs of power to industry.