Main topic: Union Minister of Railways and Electronics and Information Technology Ashwani Vaishnaw addresses the G-20 Digital Innovation Alliance in Bengaluru and highlights the remarkable transformation of India's entrepreneurial landscape.
Key points:
1. India's entrepreneurial landscape has significantly transformed over the past decade, with over 100,000 startups and 108 unicorns compared to just 500 startups a decade ago.
2. Startups from various countries, including Russia, Egypt, France, Japan, Indonesia, Brazil, and India, were awarded in sectors like Fintech, Agritech, Edtech, and Circular Economy.
3. Bengaluru, once a provider of global solutions, has now become a creator of solutions for India, showcasing India's abilities, innovations, and progress in various sectors.
Note: The provided information is limited, and for a complete understanding of the topic, further research is recommended.
### Summary
Moneycontrol's 'Bullish on India' campaign highlights India's thriving economy and promising future, amidst global challenges.
### Facts
- 💪 India's economy shines as a beacon of hope in challenging times, with robust growth and a resilient spirit.
- 🌟 Prime Minister Narendra Modi praises India's economy, emphasizing the importance of continuing on this upbeat path and ensuring the well-being of the country's 1.4 billion people.
- 📈 The 'Bullish on India' campaign showcases India's ability to sustain economic growth across diverse sectors and raises awareness of the country's potential during a global economic slowdown.
- 🌍 This campaign aims to document India's development, metamorphosis, and advancement, capturing its evolution and progress.
### Summary
Commerce and Industry Minister Piyush Goyal believes that India will become the engine of global growth, with its economy projected to reach $35 trillion by 2047. India's young population and vibrant democracy are key factors contributing to its sustainable and inclusive growth.
### Facts
- India is expected to become the growth engine of the world, according to Commerce and Industry Minister Piyush Goyal.
- The country's GDP is projected to reach $35 trillion by 2047, offering significant business opportunities.
- With a population of 1.4 billion people, India recently surpassed China as the world's most populous country.
- India's young population, with over 600 million people aged between 18 and 35, is expected to continue for at least the next few decades.
- India is estimated to provide 24.3% of the incremental global workforce over the next decade.
- The country's digital economy has grown rapidly, with initiatives like the Aadhaar program and the Skill India program promoting digital literacy and skills development.
- India aims to create sustainable and inclusive growth, focusing on value creation and becoming a matter of pride and envy.
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India's path to prosperity depends on the growth of all states, with some states performing better than others in terms of per capita income and economic outcomes, highlighting the need for policy interventions to address disparities and promote inclusive growth.
India's economy is experiencing consistent growth, and is predicted to become the fourth-largest economy within 18 months and the third-largest by 2028, driven by strong fundamentals and infrastructure development, while successfully reducing poverty; however, further reforms in areas such as patents, judicial, administrative, and process reforms are needed to boost economic growth.
India's recent achievements and economic growth have positioned it as a rising global power, but the country must address its challenges in poverty, job creation, education, and inequality in order to fully realize its potential.
The economist Tharman Shanmugaratnam highlights India's challenges in achieving sustained economic growth, addressing social and economic disparities, and integrating with China and ASEAN. He emphasizes the need for India to focus on education, increase exports, reform employment and land acquisition laws, and take advantage of its untapped potential.
India has experienced political stability under Prime Minister Modi, leading to legal reforms, improvements in welfare systems, and infrastructure development, which has positioned the country for growth and influence in various spheres, including space exploration, sports, and entertainment, but challenges such as poverty, education, and employment still need to be addressed.
India's economic rise is seen as inevitable due to factors such as a consumer boom, context-appropriate innovation, a green transition, a demographic dividend, access to finance, major infrastructure upgrades, policy reforms, geopolitical positioning, and a diaspora dividend, although challenges such as unbalanced growth, unrealized demographic potential, and unrealized ease-of-business and innovation potential still need to be addressed.
With the right reforms, India has the potential to become the next engine of global growth, benefiting from major economic re-alignments caused by China's slowdown and the US diversifying its supply chains. Major corporations are already investing in India, recognizing its potential. However, India needs to overcome challenges such as high tariffs, infrastructure improvements, and regional cooperation to fully realize its manufacturing potential and attract foreign investment.
Under PM Modi's leadership, India is uniting to achieve the vision of "One India Great India", with the country experiencing social, economic, and political transformation and making significant strides in various sectors such as agriculture, healthcare, and infrastructure.
The latest State of Working India report reveals that economic growth in India has led to a decrease in job disparities and greater upward mobility, but job creation has not kept pace with GDP growth, particularly in the manufacturing sector, and there are deep divides in pay across gender, caste, and religion. The COVID-19 pandemic further increased reliance on agriculture and self-employment, particularly among women.
Indian startups have played a pivotal role in India's push towards a $5 trillion economy, with sectors like electric vehicles, fintech, jobs creation, technology, bilateral trade, and healthcare contributing significantly to their growth and success.
