The Live Nagpur
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Crime
  • Entertainment & Lifestyle
  • Featured
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary

The Live Nagpur

  • Home
  • Nagpur City
  • Politics
  • Business
  • Nagpur Education
  • Entertainment
  • Nagpur Sports
  • Health
  • Vidarbha
  • Crime
  • Obituary
Business

India needs to reform and accelerate to be an Asian Tiger, say Speakers

by TLN Team October 16, 2020October 16, 2020
written by TLN Team October 16, 2020October 16, 2020
India needs to reform and accelerate to be an Asian Tiger, say Speakers

Vidarbha Economic Development Council (VED) organized a webinar on, “India’s Place Among Asian Tigers” recently. Among the eminent Panelists were Vishnu Prakash IFS, former Envoy to Canada and South Korea, Ajay Sancheti, former Rajya Sabha Member, leading industrialist and into healthcare and environment protection management, and TS Rawal, a prominent economist and Partner, TS Rawal and Co, Chartered Accountants.

Prakash informed that when the world had shut down due to the corona, at that time China was capitalizing on its sales as it had already gone through the lockdown period. Now that the economies were resuming, so was India, but should India follow the eastern economy? 20% of the world’s working people would soon be Indians. With the right skill sets, how can we be a leader in Asia? He informed that countries like Singapore, Japan, Korea were all devastated economies but had revived fantastically due to export-led growth. He observed certain common key factors that led to this revival viz – Industrialization and exports, discipline and diligence, patriotism and a national character, and flexibility in labour laws and taxation.

India would be the third-largest economy in the world in another 20 years, said Prakash, as we have conducive elements such as a democracy, an aspirational population, frugal innovations, youth, size of our market, and we are heading for food and energy security, so our stock is very high.

However, what seemed to bother Prakash was that in spite of all these positives, India was still in the take-off mode for the past 30 years, and that was because we have failed to expand our manufacturing base, and our security environment remains very vulnerable. In order to compete with the world, we have to provide ease of doing business, have the next generation of reforms, and go for industrialization.

Ajay Sancheti informed us that India is the fifth-largest economy today after the US, China, Germany, and Japan, but we need to speed up and scale-up. Although our infrastructure, earlier lacking, has now picked up, and in IT the world depends on India and is controlled by Indians, but in order to compete within Asia, we are lacking in one area, i.e. our need to develop regional sectors all over the country,  only then can we have over-all development.

Our banking system has to compete with world markets and standards. The banks have to provide timely availability of money. The Govt. is trying to do everything, but it’s not reaching the people. Businesses came from China to the small countries which made it very conducive for them to go there which India did not do, hence we lost out. He stressed also that old laws needed amendment.

TS Rawal argued that there were three critical interventions that governments could use to speed up economic development.

The first intervention – and the most overlooked – was to maximise output from agriculture, which employs the vast majority of people in poor countries. Successful East Asian states have shown that the way to do this is to restructure agriculture as highly labour-intensive household farming. This makes use of all available labour in a poor economy and pushes up yields and output to the highest levels.

The second intervention was to direct investment and entrepreneurs towards manufacturing. This is because the manufacturing industry makes the most effective use of the limited productive skills of the workforce of a developing economy, as workers migrate out of agriculture. Relatively unskilled labourers create value in factories by working with machines that can be easily purchased on the world market. Focus on exports was the key to success.

Finally, interventions in the financial sector to focus capital on intensive, small-scale agriculture and manufacturing development provided the third key to accelerated economic transformation. The state’s role was to keep money targeted at a development strategy that produced the fastest possible technological learning, and hence the promise of high future profits, rather than on short-term returns and individual consumption.

The Addresses were followed by a Q& A Session. Malhar Deshpande, Jt. Secretary, moderated the programme and proposed the vote of thanks.

0 comment
FacebookTwitterLinkedin
TLN Team

previous post
Dinesh Karthik hands over KKR’s captaincy to Eoin Morgan
next post
Permanent Status, GMCH Medical Practitioners go on Strike

You may also like

MG Motor India and MG Nagpur Dealership donates...

March 2, 2021

VTA requests CBSE to hold exams online

March 2, 2021

Deepika Padukone now reigns Spices Category!

March 1, 2021

GST issues, malpractices, CAIT to begin nation-wide agitation...

March 1, 2021

Ranjit Singh new chairman of CII Vidarbha Zone

February 28, 2021

CAIT call Bharat Vyapar Bandh was successful- Bandh...

February 26, 2021

City traders give lukewarm response to CAIT’s ‘Bharat...

February 26, 2021

NVCC supports CAIT demands for Bharat Vyapar Bandh...

February 24, 2021

Bank account, properties to be seized for violation...

February 24, 2021

Institute of Chartered Accountants of India to set...

February 24, 2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.



Trending News

  • In10 Media Network’s New Hindi General Entertainment Channel ‘Ishara – Zindagi Ka Nazara’

    March 1, 2021
  • Sony launches digital voice recorder PCM-A10 for supreme sound, superior recording

    March 1, 2021
  • NSE triples its investment to INR 900 crores in technology infrastructure over last 3-4 years

    February 27, 2021
  • UltraTech’s Awarpur unit donates computers in Zilla Parishad schools

    February 27, 2021
  • Govt extends existing COVID-19 guidelines till Mar 31

    February 26, 2021

Important Links

  • Politics
  • Crime
  • Business
  • Education
  • Entertainment
  • Sports

Available on Playstore & Coming Soon on Appstore

Search

October 2020
M T W T F S S
« Sep   Nov »
 1234
567891011
12131415161718
19202122232425
262728293031  

Sign-Up Form

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Footer Logo
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Crime
  • Entertainment & Lifestyle
  • Featured
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary
  • Privacy Policy
  • Disclaimer
  • Cookie Policy
  • Terms Of Use
  • Advertise with Us
  • Work with us
  • Contact Us

© 2020 - The Live Nagpur . All Rights Reserved.