Mr Arun Jaitley, Minister of Finance and Corporate Affairs, stressed that “India has remained the fastest growing economy despite a few hiccups, and if we maintain this rate of growth for the next decade or so, we can reduce poverty to negligible levels”. Speaking at the CII Annual Session 2019, he emphasized that, “we are at the cusp of history”.
The mindsets need to change and the enrichments derived from moving towards a market based reform model and expanding economy needs to be utilized for eliminating poverty, pushing infrastructure and supporting the economically weaker sections of the society, Mr Jaitley further highlighted. The Annual Session is being held on 4-5 April 2019 with the theme of ‘India 5.0: India@75 and Beyond’.
The middle and neo-middle class are expected to emerge as the key growth drivers, going forward. As this emerging class grows in size, we can further accelerate our growth, by relying on domestic consumption, irrespective of the global scenario, he added.
Over the last 4 years, the government has reduced the tax slabs for various items of consumption by the middle-class. In addition, the increase in tax collection due to better compliance has been utilized for funding numerous schemes aimed at the welfare of this class, he stated.
“Today, we see India as standing at the cusp of the fifth chapter of its development narrative”, highlighted Mr Rakesh Bharti Mittal, President, CII. India 5.0 would be the period that will take us beyond the current fourth stage, which will culminate in India@75 in 2022, he added.
Mr Mittal further outlined the five key elements of industry’s renewed vision for India@100, including Parity & Prosperity, Frontier Knowledge Dominance, Exemplar of Sustainable Development, Geostrategic Superpower, and Voice for Values. Achieving this will require the proactive participation of all key stakeholders, he stated.
Mr Vikram Kirloskar, Vice President, CII, emphasized that the impending general elections have given us the time to pause and reflect on the progress of the economy and the future direction of policy leading India into its next phase of development journey.
During the session, the CII President’s Award for Lifetime Achievement 2018-19 was conferred upon Mr. Jamshyd Godrej, Past President, CII by Mr Arun Jaitley. A visionary and a shining exemplar of manufacturing excellence, Mr Godrej is credited for his valuable contribution towards the good of industry, for communities and for the environment at large.
4 April 2019