On May 26, CNBC-AWAAZ held the ‘Bharat Economic Samvaad’ in Mumbai. This event gathered key figures like policymakers, economists, and business leaders to discuss India’s economic journey towards becoming a developed nation by 2047.
The event kicked off with Anuj Singhal, Managing Editor of CNBC-AWAAZ, emphasizing India’s economic potential and the opportunities ahead. Various speakers and panelists shared insights on crucial topics like manufacturing, artificial intelligence, and urban infrastructure.
Dr. Mansukh Mandaviya, Union Minister for Labour, highlighted initiatives to enhance digital access for workers. Starting next month, members of the EPFO will be able to withdraw up to 75% of their funds using UPI at ATMs and through Aadhaar authentication. He also mentioned plans for WhatsApp-based services to make claims and account information more accessible.
Union Minister for Textiles Giriraj Singh discussed India’s strategy to diversify textile exports. Previously, about 30% of these exports went to the U.S. Now, efforts are underway to tap into 180 countries, demonstrating resilience despite global economic challenges.
Anuradha Thakur, Secretary of the Department of Economic Affairs, addressed the hurdles and opportunities in achieving a Viksit Bharat. Dr. Ashok Kumar Lahiri from NITI Aayog presented a vision for “India’s Growth Story 2.0,” focusing on essential areas like literacy, healthcare, and improved logistics.
This conclave gathered insights from industry leaders, including Anil Agarwal from Vedanta Group and Nilesh Shah of Kotak Mahindra Asset Management. Discussions revolved around the changing global economy and India’s role, touching on manufacturing, AI, and the future of digital finance.
Experts note that reducing logistics costs is vital for growth. A recent report from the World Bank indicated that improving logistics can significantly boost GDP in developing countries, highlighting the importance of infrastructure in achieving long-term goals.
The overall aim of the Bharat Economic Samvaad is to spark meaningful discussions about policies that could shape India’s economic landscape in the coming years.
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