South India may become a $1.5 Trillion Economy by 2025: VP
New Delhi, Sept 23 (KNN) By keeping the focus on reforms, ‘Ease of Doing Business’ and adopting the best practices to attract investments, South India can achieve an aspirational target of becoming $1.5 Trillion Economy by 2025.
Speaking virtually at ‘Mystic South, Global Linkages Summit - Towards a $1.5 Trillion Economy by 2025’ organised by the Confederation of Indian Industry, Vice President, M Venkaiah Naidu called upon the industry to work with the Government on implementing various reforms with greater vigour and pave the way for sustained economic growth in the coming decade.
Stressing the need for India to leapfrog ahead to achieve the required employment and productivity growth, he said that global trends such as digitization and automation, urbanization, rising incomes, sustainability, health, and safety are assuming a new significance in the wake of the pandemic. “For India, these trends could catalyze growth and become the hallmarks of the post-pandemic economy”, he added.
The Vice President also called for creating global hubs in manufacturing, agricultural exports, digital services, next-generation financial products, high-efficiency logistics, power, sharing economy and modern retail.
Listing out the opportunities in the region, he said that South India combines manufacturing with services, culture with modern values and education with skills.
Pointing out that most of the Southern States rank amongst the top in terms of ‘Ease of Doing Business’ rankings, he cited entrepreneurship, skilled workforce, presence of reputed educational institutions, leading IT companies, modern medical infrastructure and excellent connectivity between important cities as some of the major advantages of the region.
While lauding the healthy competition among various States in the country to industrialize and attract investments, he stressed the need for bestowing special attention on agriculture. He said there was a need to adopt a ‘positive bias’ towards agriculture to sustain the growth rate.