The slowdown is for real and can no longer be glossed over. BW Businessworld picks the minds of the NITI Aayog, economists and industry top brass on the state of the economy
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I think we’re going to the moon because it’s in the nature of the human being to face challenges. It’s by the nature of his deep inner soul... we’re required to do these things just as salmon swim upstream.
— Neil Armstrong
In his Independence Day Speech, Prime Minister Narendra Modi lauded industry leaders and wealth creators, and said they need to be respected. He stressed on boosting exports even as he said that local products need to be promoted “not only nationally but globally”.
India Inc has been aggrieved on a number of counts. The ill-thought CSR punitive measures for industry (though there is a rethink on the matter) ruffled many feathers. India Inc expects an end to the tax inspector raj too, and the latest indications from the finance ministry point to a rethink on this issue as well. PM Modi’s I-Day speech has given India Inc hope.
Amidst fears of a global recession, auto sales are nose-diving and sectors like real estate (except for maybe affordable housing) and construction remain under stress. There have been job losses, plants have been shut. The auto industry has put up a list of demands for the government — notable among which is a reduction in GST on auto. A stimulus would soothe frayed nerves and kick-start economic activity.
Amidst all this, questions are being raised whether India can really be a $5-trillion economic powerhouse by 2024.
PM Modi is undeterred by all this. Not only is he committed to making India a $5-trillion economy, he’s working towards making India a $10-trillion economy by 2032.
No surprises here and we put the economy on the cover, as we bring to you a deep-dive report on what ails the auto sector and other industries.
Don’t miss the accompanying Subramanian Swamy piece where he lists his own priorities to boost the economy.
As the economy grows, newer jobs will be created which have their own specific requirements.
India is a young country. The youth here is not driven by conventional ways of thinking on jobs and skilling. We, along with a knowledge partner, conducted a nation-wide survey, and came across some surprising findings. For instance, today’s youth would rather work for an exciting startup than traditional firms. It so well fits into the larger narrative of PM Modi working towards 50,000 more startups in the country.
Skills and youth are also part of the cover.
Talking about the youth, have you noticed how centres like Delhi, Pune, Bangalore, Mumbai and Chennai have emerged as learning hubs thereby attracting young students in droves? With this emerges a new phenomenon of student housing that we capture in the second cover story and we call it “A multi-million opportunity”.
With the auto industry in a flux, there has been a renewed thrust on EVs, although the PM has said in a recent interview that both ICE vehicles and EVs can co-exist. We present a special report on EVs.
This issue of BW Businessworld comes with all other regular features and columns.
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