S K Narvar, Chairman of Capital India Corp, speaks on PM Modi’s recent speech at the Summit for Democracy where he stressed the importance of a vibrant democracy for economy growth. The prestigious summit is co-hosted by US President Joe Biden, South Korea President Yoon Suk Yeol, the Netherlands PM Mark Rutte, Cost Rical President Rogrigo Chayes Robles and Zambia President Hakainde Hichilema.
India is the world’s fastest-growing economy – your comments?
Yesterday, PM Modi’s speech at the second summit for Democracy highlighted that despite global challenges, India remains the fastest-growing economy in the world. It is a testament to the current government’s economic and fiscal policies that have maintained a balance between inflation and growth. Additionally, it demonstrates India as a vibrant democracy. Today, the aspirations and dreams of every Indian are important.
How important is India’s policy framework that encourages businesses to grow?
Under PM Modi’s leadership, the policy framework is geared towards ease of doing business. The current government has ensured that the economic policies are democratized, and a level playing field is available even for small and medium enterprises and start-ups. India’s entrepreneurial strength will ensure that innovation, science, and new age-businesses grow to become world leaders. When the world is facing recessionary trends, India’s projected 6.5-6.9% annual growth rate in FY 22-23 is commendable.
Do economics and democracy have a co-relation?
As PM Modi’s rightly mentioned in his speech, Indian civilizations, for a long time, have chosen political leaders who have ensured the growth and development of the nation through a broad-based consultative process. There is historical evidence that political power, when exercised transparently and fairly, benefits not just business but society as a whole. Also, republic states in ancient India had rulers who were not hereditary. Today, India is living proof that a vibrant democracy and robust fiscal policies benefit the economy and growth.
How do you view India’s growth story in the next decade?
Without going into much economic data, India’s growth will continue unabated in the next decade on the back of India’s robust domestic consumption story and also India’s becoming the manufacturing destination to the worldwide economy. The democratically elected government’s focus on transparency, ease of doing business, and friendly labor and tax laws will ensure that companies grow in an unhindered way. Secondly, India’s commitment to global climate change standards, international tax and business treaties, and the elected government’s leadership stance across various world issues will propel India as a nation of choice to do business.
