Asia-Pacific will be more vibrant for the global economy
The Government wants to recognize investors in India by providing better logistics and much better infrastructure, assured Dr. Rajiv Kumar, Vice Chairman, NITI Aayog.
To this effect, the government has brought out the Production Link Incentive (PLI) Scheme which will be valid for 9-10 sectors and the objective of which is to incentivise investors in this country to put up globally comparable capacities in scale and in competitiveness, he stressed.
Dr. Kumar called the PLI scheme unique and historical in the country, saying that it will be done in the global context and will be done in India trying to regain its share in the global and regional production chain.
“We will go forward with this with respect to the multilateral trading orders and it will not imply in any sense, any form of isolation, closed economy or protectionism. It will be catered and targeted towards creating capacities,” Dr. Kumar said.
Further, Dr. Kumar emphasising India’s commitment to open order, a global economy, said that India has committed to seeing the Asia Pacific region as a region which is thriving and where trade continues to rise.
“The Asia-Pacific will be a far more vibrant driving force for the global economy,” said Dr. Kumar at the 34th Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) Conference on Achieving Sustainable Growth in a Turbulent and Disruptive Global Market organised by FICCI and CACCI on 30 Oct 2020.
“We must recognise that the Asia Pacific does not have the luxury of retrofitting businesses and finance our growth at the cost of our natural capital. The Asia Pacific has the resilience, resources, scale and diversity and competitiveness to continue to remain the driver of global growth going forward.
“I do not think that there is a replacement for the Asia Pacific region as the principal driver of growth. Organisations like CACCI are very important in making the Asia Pacific region far more connected and inter-related,” he said.
Further, Dr. Kumar said that NITI Aayog has been pushing electric mobility in a strong way.
“Under the Electric Mobility Mission, we have finalized the standards of charging for two and three-wheelers, which constitute 85% of the vehicles on the street and we want to shift them to electric mobility,” he said.
Dr. Kumar said that it’s time to realise the social aspects of our growth as development. “The Human Resource, its health, its welfare, education, awareness will become middle and central of our growth.” #economy #investment #exports #manufacturing #incentives /fiinews.com
