“Prime Minister Shri Narendra Modi is a workaholic. He works hard, works for long hours of the day. It is difficult for many of us in the ministry to keep pace with him. Working with a workaholic PM like Modi is really tough. He is a man in a hurry as far as the development of the nation is concerned said Shri Rajeev Chandrasekhar, Union Minister for Electronics and Information Technology and Skill Development & Entrepreneurship while conversing in a fireside chat with Sanjay Lodha, Secretary JITO at JITO Incubation and Innovation Foundation(JIIF)’s 6th Foundation Day celebrations and Investors’ Conclave at Hotel Westin at Madhapur on Saturday. The program continued late into the night.
We went on saying that the number of Unicorns in India to grow to 10,000 in the next five to six years: Rajeev Chandrasekhar, Union Minister for Electronics.
India is aiming for a 5 Trillion US $ Economy by the year 2030. India is now the fastest-growing economy. You cannot be a misfit by being at your pace in catching up with the speed of the Prime Minister. Sri Chandrasekhar mentioned that he is working for a Prime Minister who is in a hurry in developing the nation. India is going be the 3rd largest economy soon. Soon the country would be a developed nation.
Praising the PM, Sri Chandrasekhar added, “Whatever we are able to achieve is because of the sincere efforts of the PM and all the citizens of the country. Digitalisation is also helping us progress fast. It used to contribute just 4 to 5% of GDP in 2014. By the time we achieve a 5 trillion economy, it will contribute 20% to GDP. It is India’s Techade (Technology Decade) , said the Minister.”
On the other side, US economy is looking to be improving as their rate of inflation has slowed down to 3% this month, which is a good sign. Indian IT companies operational in US are likely yield better results in coming quarters.
India’s stock markets are performing wonderfully high. Investments are pouring into the country thick and fast.
Domestic markets are on upside swing. Many large ticket plans are in place. For example, Foxconn and Vedanta’s $19.5 billion chip plan has been derailed but as per news, Foxconn is looking at other partners to pursue its India dream. Similarly, Vedanta is also scouting for global partners to pursue its chip making dream in India. US19.5 billion is such a huge amount that it can bail out multiple neighboring countries. The project’s take off can create positive avalanche in the Indian economy boosting employment and huge growth in technology supremacy of India in the global market. Domestic consumption of IT products would get great push because of this single project. There are many such projects which are in pipeline.
14th July was a historic day and milestone for India as India’s Chandrayaan-3 launched from the Satish Dhawan Space Center, Sriharikota. The cost- of the mission was estimated to be Rs 615 crore. On the other hand, same activity done by US or Europe would incur way more in cost. This is the reason why ISRO is getting good orders from global market – even NASA is interested to work with ISRO.
India’s Oil business has touched all time high and created a commanding position in the world. If the trend going like this the country would be an established hub for oil where OPEC countries would seek support from us.
My purpose of writing about economy of the country is to draw the attention of the IT companies to push their boundaries and do not let the opportunity go from their hands – invest in capacity building in new age technologies including AI, Automation, IoT, Security and so and so forth to cater to the industry opportunity which is in the short term horizon.
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