About the Conference
The scenario of world economy today presents huge disparity. Success and progress on some fronts seem to provide basis for confidence that there is great possibility for sustained economic growth, increasing prosperity, and the mitigation of poverty. On other fronts, limited progress has been reflected in tackling old problems, and much of the progress that is made seems increasingly vulnerable to shifts in international financial markets and capital flows. To have a better future for all, it is essential that we understand the origins of both the successes and the vulnerabilities.
In the Indian context, The Narendra Modi government’s Digital India, Make in India and Skill India that leads to a NEW INDIA i.e. India 2.0 has three major pillars. One, it aims to build infrastructure and provide the internet as a utility to every citizen. Two, it promises to improve service delivery by making services available online. And three, it seeks to enable people to access the internet by building digital literacy. It looks to both expand the physical broadband network and universalize access to mobile internet, which has been the prime driver of growth in internet penetration in the last decade. Among the new initiatives aimed at reducing paperwork is the Digital Locker, which allows users to upload and store documents that can be shared with government agencies to expedite official applications for, say, marriage licences or LPG connections. Aadhaar card holders will be able to authenticate documents using eSign, a digital signature application. Another portal is eHospital, which will let citizens avail health services online, also issuing a unique health identication number piggybacked to Aadhaar.
Since 1991, India has been one of the fastest growing economies in the world. However, business-as-usual is not good enough for India to prosper. The 1991 reforms model must be critically re-examined. India needs to move away from the socialistic/Anglo-Saxon model to the German/Nordic economic model. Sabkasaath, sabkavikas(everybody’s support, everybody’s progress) is on similar lines. Spending on education needs to increase from ~3% of GDP to ~6%, and policymakers must try to retain educated people in the country. Grossinvestments must be ~40% of GDP, in which the government needs to play an important role by increasing its savings and investments towards ~10%of GDP. The nancial sector needs to play a bigger role, but in a different manner. It needs to accept a small nancial transaction tax to mitigate speculative activity. It needs to focus on increasing trust among savers to increase nancial savings. The current government’s efforts to encourage vegetarian food (reduce carbon emission), and yoga and meditation (bringing spirituality) are note worthy. All that leads to India 2.0.Yet, there are several challenges that need to be handled like despite years of plans and schemes, attempts to connect remote rural areas to the Internet have faltered.
All above mentioned circumstances leads us to organize International Conference on “Envisioning India 2.0 Economic Policies: Prospects & Challenges” to get views from both business and academia. The Conference aims at understanding challenges in developing India 2.0 in the context of global economic conditions, approaches for predicting economic conditions from various perspectives indicated below. We hope this conference would establish a milestone to counteract various global prospects and challenges.