“It took seventy years for India to become a $1 trillion economy while it doubled to $2 trillion in just seven years. Today as we speak India is already reached $3 trillion economy and within next 5 years India has all the potential to become a $5 trillion economy,” said Shaurya Doval, the young entrepreneur and Director, India Foundation. He was interacting with the students and young entrepreneurs of Chandigarh University during a session organized at its campus on the theme “Role of Youth in making India a $5 Trillion Economy.” On the occasion Chandigarh University honored Shaurya Doval with The Pride of India award for his contribution as though-leader who is contributing in formulating strategic policies that can shape New India and also being a role model for young entrepreneurs of India. Shaurya Doval is the founder of India Foundation which is an independent research center that has many renowned thought-leaders on its board as its members who are focused on the issues, challenges, and opportunities of the Indian polity.
On India Emerging as Global Power-House
While delivering his keynote address, Shaurya Doval said, “For about 1,000 years India was robbed off its wealth by the invaders and then the colonial regime of Britishers, but it just took 70 years for India to bounce back from reins to become the 2nd largest economy of the world. Today India’s GDP is bigger than UK’s GDP; the country which ruled us for 200 years.” Shaurya Doval further added, “With the exponential growth of our economy, India has increased its influence all over the world and has emerged as global powerhouse. The global importance of India can be ascertained from the fact that in the year 2007 India became a member of G20 nations (World’s Progressive and Richest) and within 14 years, G7 Nations are now inviting India to join them of their annual meeting at England this year for which Prime Minister Boris Johnson (U.K.) is visiting India to invite our Prime Minister Narendra Modi.”
While highlighting the facts which will contribute in making India a $5 trillion economy, Shaurya Doval said, “Today world’s population is 7 billion and it will reach 10 billion by 2050 and with 1.56 billion people India will become the biggest human resource power in the world. In the coming years, more than 70 percent of our population will move from villages to cities and India is currently adding 1.2 million every month to its labor workforce which will contribute in total addition of 188 million over the next 10.” As the people from rural India will migrate to urban cities, the three metros Delhi, Mumbai, Kolkata would soon become the largest cities of the world, he added.
Prime Minister Modi is undertaking reforms both at micro and macro level says Doval
While mentioning about the sectors that will push Indian Economy in coming years, young entrepreneur, and think-tank of the country, Doval said, “Telecom, Consumer Goods, Finance, Health care, Utilities, Material will be the growth engines and the five states that will mainly contribute to making India’s dream of a $5 trillion economy a reality will be Delhi, Gujarat, Haryana, Maharashtra, and Tamil Nadu.” He further added that, “Union Government lead by a visionary Prime Minister is undertaking the process of reforms both at the top and bottom level of the society so that the social and economic barriers can be lifted and that the benefit of Nation’s growth could reach even to the poorest section of the society.” Shaurya Doval highlighted the six landmark reforms undertaken by the current government which has taken India to a new horizon included having trust in the potential of Indian Youth and unblocking the resources for them. “Indian Government has shunned the policy of being conservative and has recognized the potential of Youth of the country who can make it a self-reliant nation,” he added.
On FDI flow to India vis-à-vis China
While replying to the question of a student on generation of new opportunities for youth, Shaurya Doval said, “Government of India is investing heavily in developing the infrastructure which includes power projects, airports, roads so that global companies can invest in India and the steps has started showing good results. Beating China, India has become the largest recipient of FDI in the world and even during the Covid-19 pandemic India received more foreign direct investment than China.”
On India producing World’s Cheapest Vaccination for COVID-19
There was a time when India was dependent upon other countries for receiving medical equipment’s and medicines but today tables have turned. During the current pandemic situation India became one of the six countries of the world which were the first ones to develop COVID-19 vaccine and now other countries are sending requests for doses of vaccination which our companies are offering at less than $3 (cheapest in the world in comparison to UK vaccine which is available at $20).
On Tax Reforms and Corruption in India
Sharing the tax reforms of the current Indian Government, Shaurya Doval added that, “Modi’s government is leveraging technology in simplifying the taxation system so that honest taxpayers are rewarded, and more tax compliance can be assured.” Addressing the young entrepreneurs of Chandigarh University, Shaurya Doval said, “Job creators or entrepreneurs are the patriotic citizens of any country as they are doing national duty by generating new jobs.” By opening-up banking loans for young entrepreneurs, Modi government has felicitated the youth and India has the potential to set-up entrepreneurship ecosystem which can lead to offset China’s progress as the next global power.
“Corruption for many years was accepted as a norm in India but the current Union Government has ensured to provide a transparent governance model by using technology and reaching-out direct to the citizens,” Shaurya Doval added.
On Women Reservation
Shaurya Doval advocated that the demand for 30 percent reservation for women in jobs should be met as the current demography shows that 50 percent of India’s population comprises of women who do not have enough representation in the nation’s total workforce. He further added that, “Prime Minister has re-iterated the need to increase women’s presence in India’s Workforce as it will not only make them economical independent but will strengthen Indian Economy.”