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Govt banking on pvt sector led growth: NITI Aayog

Mr. Rajiv Kumar, NITI Aayog’s Vice-Chairperson asserted in a speech at the India Investment Seminar that the Indian government is focusing on accelerated economic growth led by the private sector. The eminent economist also stated that the Indian economy is “at the helm of a major transformation” over the next five years. He also noted how many PPPs have turned into NPAs due to factors like expensive land acquisition and the decline in investment to GDP ratio.

The think tank is of the opinion that space must be given so that the private sector in India can flourish. There’s also room for the government to take bolder reforms by capitalizing on the external demand & making sure that MSMEs grow in this process. This could be done by changing the incentive structure pertaining to exports and ensuring greater participation of the country in global value chains. Mining, agro-processing, oil & natural gas and electric vehicles are some of the areas where focus is now being given.