India faces a race against technology, says Shanmugaratnam
The next phase of India’s development must involve a major step-up in both social and economic transformation, Singapore’s Senior Minister Tharman Shanmugaratnam says in a book launched on 7 Dec 2020.
The two go together, he added, stressing that India needs stronger economic growth to create enough jobs and achieve inclusive prosperity.
Shanmugaratnam also pointed out that India faces a race against technology with the next five years being critical.
“If we look at what is happening globally in supply chains, and the increasingly intelligent machines and software being introduced in every sector, time is not on India’s side,” he cautioned in the book “India on our Minds”.
The Senior Minister also pointed out that India’s 8-10% per year economic growth over the next 20 years would prevent significant increases in unemployment and get it closer to realizing its potential. India has recorded 6%+ growth in the last 20 years.
“And even with 8-10% growth (per year), India would in 20 years reach little more than today’s level of per capita income in China,” he pointed out in the 362-page book that broadly covered all aspects of economic, political, social and development in India.
India needs much stronger and more effective intervention in the social foundation for prosperity, wrote Shanmugaratnam under “Achieving Inclusive Prosperity in India: Tackling the Fundamentals”.
The country also needs to move away from a long-standing statist tradition in running and regulating the economy, towards investing in public goods and enabling enterprises and workers to build up capabilities and compete globally, he pointed out.
In a foreword to the book, Singapore’s Emeritus Senior Minister and former Prime Minister Goh Chok Tong noted India’s immense economic potential.
“It (India) has a deep pool of intellectual talent and daring entrepreneurs. Its many world-class companies have strong technological capabilities. Its young population, with the right vocational education and skills training, will be another tremendous asset,” wrote Goh.
The book was launched by Prime Minister Lee Hsien Loong on 7 Dec 2020. It was co-authored by Singapore’s Ambassador at Large, Professor Tommy Koh, and Hernaikh Singh, Senior Associate Director, Institute of South Asian Studies, a think-tank at the National University of Singapore. #investment #technology #manufacturing #skilling #development #economy /fiinews.com
