India’s growth journey can inspire many countries, said Chief Economic Adviser V. Anantha Nageswaran during a recent seminar in Johannesburg. This event brought together South African and Indian business leaders, organized by the Indian High Commission and the CII India Business Forum, representing over 150 Indian companies in South Africa.
Nageswaran highlighted India’s unique position as the world’s largest democracy aiming to become a developed nation. “India is working hard to grow in a democratic framework, making its journey a potential example for countries like South Africa,” he noted. He expressed optimism about India’s ambitious future plans, focusing on the Viksit Bharat initiatives that aim to elevate the economy from three trillion to 13 trillion dollars over the next 25 years.
He emphasized the importance of flexible partnerships among nations in today’s rapidly changing world. “Right now, countries depend on each other more than ever,” he remarked, urging for a balanced approach to international alliances. Nageswaran suggested that while it might seem philosophical, this approach is grounded in reality. “Our economic goals depend on many factors beyond our control, but we can work hard toward our vision of Viksit Bharat,” he explained.
Nageswaran also discussed the Indian government’s push for long-term development through infrastructure, deregulation, governance reform, and investments in education and skills training. “When conditions are right, these efforts will foster economic growth, helping India achieve its goal of becoming a developed country by 2047,” he added.
Saki Zamxaka from the Gauteng Growth and Development Agency spoke about the cooperation potential between India and South Africa, particularly in mineral resources. “India needs minerals for its growth, and we can export what we have,” he stated. He also pointed out how Indian companies in South Africa can play a significant role in skill development, especially in the pharmaceuticals and medical equipment sectors.
Nihar Patnaik, President of the India Business Forum, noted the rapid advancements in India, especially in technology and entrepreneurship. “We’re witnessing startups and new billionaires emerging from all corners of India,” he said, reflecting the dynamic changes taking place.
Indian High Commissioner Prabhat Kumar expressed optimism about the growing trade ties between India and South Africa. “India is currently South Africa’s third-largest trading partner, and with ongoing efforts, we hope to rise further,” he remarked.
The seminar underscored the immense potential for collaboration between India and South Africa, advocating for India’s development model as a useful guide for navigating the complexities of today’s global landscape. Through teamwork and shared vision, both nations could pave the way for sustainable and inclusive growth in the future.
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