Kolkata: A top Ministry of External Affairs official on Monday emphasised the importance of partnerships to accelerate India’s economic growth.
India must scale up its manufacturing sector and establish its own robust supply chain, which will subsequently boost exports, the official added.
“India needs to have partners to achieve high rates of growth. The country also needs to create its own supply chain. Global dynamics have now shifted from the Transatlantic to the Indo-Pacific. India needs to grow at a higher rate to meet the target of becoming a developed country by 2047,” Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, said.
Speaking at a session organised by the Merchants’ Chamber of Commerce and Industry (MCCI) here, Ravi said the GDP of the country is growing.
“We are USD 4 trillion economy now. The country needs to grow at more than the current average growth rate of 6.5 per cent per annum to become a developed economy to meet that target”, he added.
He said the country has moved from a command economy to a liberalised economy.
“The openness had brought a boom in the economy. The private sector has leapt forward. The country also needs to do a lot”, he added.
Touching upon technological transformation, Ravi said the world has moved from the industrial revolution to an era driven by artificial intelligence (AI).
“We have entered an AI-driven era. Today, we talk about responsible AI. Rules are needed so that human values are not undermined,” he added.
“India needs to create an AI ecosystem, which requires state intervention to ensure uninterrupted power supply,” he said.
On the issue of logistics, Ravi stressed the need to bring down costs.
“India’s logistics cost is 12 per cent of GDP. This must be reduced to boost efficiency. Our industry needs to conquer overseas markets,” he said.
Regarding Free Trade Agreements (FTAs), Ravi said they should be seen beyond exports and imports and valued at economic cooperation.
