Charting India's Path to Prosperity: Insights from 'VIKSIT BHARAT@2047' National Conclave

The Federation of Indian Chambers of Commerce and Industry (FICCI) organized a significant event today (February 27 2024), the national conclave titled 'VIKSIT BHARAT@2047: Viksit Bharat & Industry' at Hotel Shangri-La Eros, Janpath, New Delhi. This conclave aimed to delve into the trajectory of India's development and its symbiotic relationship with industry as the nation envisions its future in 2047.

Nirmala Sitharaman, Minister of Finance & Corporate Affairs, Govt of India addressed the audience at FICCI's National Conclave on ‘Viksit Bharat @ 2047: Viksit Bharat & Industry’ in New Delhi. Anurag Singh Thakur, the Union Minister for Information & Broadcasting and Youth Affairs & Sports, along with SK Pathak, Secretary General of FICCI, and Dr. Anish Shah, President of FICCI & Group CEO & Managing Director of Mahindra Group, are among the distinguished dignitaries present there.

Nirmala Sitharaman, the Minister of Finance & Corporate Affairs, Government of India, graced the occasion with her presence. She delivered a poignant address to the audience, emphasizing the imperative of fostering a brighter future for the nation's youth. "It is our duty," she asserted, "to provide the coming generation with a better India, a better India that gives opportunities for our youths so that they say 'everything lies here and I feel proud to be here.”

Sitharaman articulated a vision of India that transcends challenges and celebrates resilience. She emphasized the historical resilience of Indian industry, which has continuously thrived even amidst adversities, including those imposed by colonial rulers. “Indian industry," she remarked, "always aligned with national interest and kept growing even against the severe odds posed by the imperial colonial ruler."

“There are some areas in which the government is focusing a lot like Space, Artificial Intelligence (AI), etc. We have emphasised that India should become a global hub for AI and we will set up centres of excellence for the same. Apart from the agricultural warehousing, we are offering support on policy, legislative, investment front and bringing people together for the larger warehousing sector. I think a great leap forward has been made in logistics with the #PMGatiShakti. Whether it's logistics, agriculture productivity or tourism, we have immense potential and the government is committed to its policy. That’s why the PM is confident that in the third term we will be the third largest economy. It's because of the push which he likes to give in these areas, not just fiscal, but legislative and other measures as well,” said Sitharaman.

“We have laid the foundation in the last 10 years. In the next 25 years, we're going to achieve #ViksitBharat. I'm confident that with the industry leaders present here and the significant efforts they have been putting into their respective sectors, along with the substantial investments in manufacturing and the service sector, we are destined to become a Developed Nation before 2047. We won't wait until 2047; we aim to achieve it much sooner,” said Anurag Thakur, Minister of Information & Broadcasting and Sports & Youth Affairs, Government of India.

Addressing the national conclave of FICCI ‘Viksit Bharat@2047’, Manoj Ahuja, Secretary, Ministry of Agriculture & Farmers Welfare, Govt of India emphasized the importance of public-private partnerships in harnessing digital technologies to address agricultural challenges and unlock new opportunities for growth. He emphasized the significance of risk management, R&D in developing climate-resilient seeds and sustainable agricultural practices, focusing on maintaining productivity while ensuring environmental conservation. He also, encouraged collaboration and innovation to propel India towards agricultural prosperity, ensuring a brighter future for generations to come.

Digital infrastructure plays a pivotal role in driving agricultural innovation and empowerment. He articulated a bold vision for leveraging digital technologies to revolutionize India's agricultural sector, highlighting the need for a comprehensive digital ecosystem to empower farmers and stakeholders across the value chain.

Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, GoI highlighted the role of the manufacturing sector in driving economic growth & urged stakeholders to foster collaborative efforts to position Bharat as a global manufacturing powerhouse. “I urge each one to be a #ViksitBharat ambassador, be #VocalForLocal, and be willing to engage with domestic industry as a part of your entire value chain,” he added.

Alka Upadhyaya, Secretary, Department of Animal Husbandry & Dairying, Ministry of Fisheries, Animal Husbandry & Dairying, Govt. of India said that the livestock sector contributes around 30 per cent to the agriculture sector. She highlighted that the total output of the livestock sector is 15.63 lakh crore out of which milk alone contributes to about 10 lac crores. India has become the dairy of the world with about 25 per cent of the global milk supply originating from the country, also India has emerged as the second-largest producer of eggs.

She further added that identifying opportunities for value addition in livestock products and advocating for increased investment in processing infrastructure to enhance the quality and competitiveness of Indian livestock products in domestic and international markets is the need of the hour.

“To achieve the goals of #VikshitBharat2047 and to reach the target of a USD 30-trillion economy, manufacturing has to go from 18% to 25% of the economy. For this, the manufacturing sector has to grow 16 times in the next 23 years. And to drive that growth, a number of things have to change in terms of how we approach the economy,” said Dr. Anish Shah, FICCI President.

Dr Ashok Gulati, Distinguished Professor, Indian Council for Research on International Economic Relations (ICRIER) emphasized on boosting productivity, diversification to high-value crops, capturing the best export markets, and value addition. He said that the best part of digital infrastructure is that there is no leakage in the system and the vision of Viksit Bharat will be to develop a digital infrastructure where our farmers can put their commodities for sale at all India level and have access to all India Markets.

Rajeev Chawla, Chief Knowledge Officer and Advisor (Digital Agriculture) Ministry of Agriculture & Farmer Welfare, Govt. of India said that the development of AgriStack, a digital infrastructure like Aadhaar, is aimed at providing essential details about farmers, including land ownership, location, and crop information.

Aparna Bijapurkar, Managing Director and Partner, BCG, highlighted the importance of risk capital to support farmers and value chain players in addressing various challenges across the agricultural sector.

Hemant Sikka, Co-Chair, FICCI National Agriculture Committee and President - Farm Equipment, Mahindra & Mahindra Ltd said that India boasts the largest tractor market globally in terms of the number of units sold, with the industry being three times the size of the US tractor industry and two and a half times larger than China's.

Kaushal Jaiswal, Co-Chair, FICCI National Agriculture Committee and Managing Director, Rivulis Irrigation India Pvt Ltd said that India faces significant challenges from climate change in agriculture which leads to an increased number of dry days, affecting agricultural productivity.

Ravindra K Agrawal, Promoter Chairman, KisanKraft said that there is a need to liberalize agriculture sector regulations to spur growth and increase farmer income.

Yogesh Thorat, Managing Director, Maha Farmers Producers Company Ltd. (MAHAAFPC) highlighted that there is a need for strengthening FPOs through public-private partnerships (PPPs) to support value chains in agriculture.