During an interactive session hosted by the PHD Chambers of Commerce and Industry (PHDCCI), India’s secretary for commerce and industry, Rajesh Kumar Singh, disclosed large investment intentions and an extension of the Production Linked Incentive (PLI) scheme. India’s promising economic future was highlighted in the debate titled “Unleashing Innovation: Powering Progress Through Startups and Traditional Businesses.”
Singh complimented India’s leadership, stability, and fortitude in the face of global upheaval. According to a news release from the PHDCCI, he emphasised India’s strong macroeconomic statistics and predicted a bright future, driven by the country’s expanding working-age population.
Over the next five years, Singh aims to invest roughly $1 trillion in infrastructure projects like road building and airport expansion. India, according to the secretary, is a “bright spot” in the world’s economy. reiterating a recent declaration made by the World Bank’s president.
In order to achieve its goal of an annual real growth rate of 8–9%, the government expects India to become a developed nation within the next 25 years. The Goods and Services Tax (GST), a lower corporate tax rate, and the consolidation of public sector banks are just a few of the initiatives that aim to lighten the regulatory load on business.
With an initial expenditure of 1.97 lakh crore and an influence on 14 economic sectors, the PLI scheme has produced notable results, with sales exceeding government incentives. Singh reaffirmed how this growth-oriented strategy is consistent with Prime Minister Narendra Modi’s vision for a civilised society.
India’s rise in the world’s startup ecosystem rankings and improvement in the ease of doing business rankings were acknowledged. Singh urged business. associations to offer comments on the implementation at the local and state levels.
Singh cited the over $84 billion in FDI garnered to India last year as evidence of the country’s appeal for foreign direct investment (FDI). Additionally, he presented the Prime Minister Ghati Shakti, a logistical planning platform that will revolutionise planning by fusing together industrial and storage facilities, road and pipeline networks, and infrastructure.
The secretary revealed his ambitious plans for infrastructure growth, which include building 72 new airports and 30 km of new highways per day by 2025. The PHDCCI’s president, Saket Dalmia, praised the chamber’s accomplishments and drew attention to its most recent additions, the Startup Committee and the new H-Tech-driven Businesses Committee.
