Aspirations for Viksit Bharat
The next few years could be pivotal in shaping a stronger, more resilient India and position us as a Global Superpower
As we welcome Prime Minister Narendra Modi with a historic third term, it’s time to reflect on our expectations from the new Government, particularly in key sectors like Health, Infrastructure, FMCG, Pharma, Retail, Technology, Startups, and Hospitality.
Health: The health sector needs a significant boost in infrastructure and accessibility. Since last 3 years with a constant increase in health budget, and a goal of increasing public health expenditure to 2.5% of #GDP by 2025, we anticipate substantial investments in healthcare facilities and digital health initiatives and policies, simpler ecosystem for startups and innovations to quickly enter the market and scale up as well. We also expect expansion of #AyushmanBharatScheme, aiming to improve access and quality across urban and rural areas.
Infrastructure: Over the last 10 years we have seen Modi Government lay great emphasis on developing and creating infrastructure to fast track the growth of the economy. We have seen big investments being made in Airports, Shipping, Ports, National and State Highways, Gati Shakti projects, Railways as also several industrial corridors. We have already started to see the force of these as these initiatives have not only given a boost to the economy but also better connected rural and urban India, as well as India to the world. Under Modi 3.0, we expect the government to not only enhance these but also look at putting more investment into special funds for financial institutions as patient capital for the push of access to common infrastructure in sectors like telecom as well as enable harnessing of national pipeline of Infrastructure. Power infrastructure including newer sources of energy like Hydrogen should also be given greater incentives.
FMCG: The FMCG sector, valued at over US $110 billion, stands to gain from simplified #GST structures and enhanced e-commerce regulations. The growth projection of 15-20% annually highlights the potential for innovation and consumer-centric policies that could drive further expansion. Some PLI’s would ensure higher production and India’s reduced dependency on imports.
Pharma: India’s pharmaceutical industry, currently the third largest globally by volume, requires a focus on domestic manufacturing and R&D. Encouraging initiatives could help this $42 billion industry grow at an expected #CAGR of 10% over the next five years, solidifying India’s position as a global pharma hub. We expect the new govt. to launch initiatives to help the industry players with refined focus for accelerated growth.
Retail: The retail sector, projected to reach $1.75 trillion by 2026, needs policies that support both online and offline growth. Enhanced ease of doing business and streamlined regulations can foster a thriving retail ecosystem to emerge as world leaders.
Technology: With the tech industry contributing 8% to India’s GDP, the government should enhance its already showcased priority to this sector by bolstering digital infrastructure and data protection. Initiatives to support AI, IoT, Drone and blockchain technologies could spur innovation and maintain India's competitive edge globally. Production linked investments and promoting India as the next global supply chain hub is expected.
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Startups: India’s startup ecosystem, the third largest in the world, benefits from supportive policies, tax incentives, and better market access. Projections suggest that startups could create 1.3 million direct jobs by 2025, emphasizing the need for continued government backing and lucrative incentives.
Hospitality: Reviving the hospitality sector post-pandemic is crucial. With tourism contributing 6.8% to GDP, innovative policies, infrastructure development, and tourism incentives can rejuvenate and accelerate the growth of this vital industry. We expect hotel industry to be awarded infrastructure status. Several schemes to multiply the foreign tourist arrivals are also expected. able development across these sectors.
As we look ahead to Modi 3.0, our hopes are pinned on policies that promote inclusive growth, innovation, and sustainable development across these sectors. The next few years could be pivotal in shaping a stronger, more resilient India and position us as a Global Superpower.
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Deepak Jolly Dr. Praveen Aggarwal Kunal Addvant Saurav Aikat Shilpa Jha Shilpa Agrawal Dr. Manorama Bakshi Vaibhav Suri Aditi Dua Farheen Ahmed Somdatta Sengupta Abhishek Bhatt
Integrated Communications
7moOn the point. Very well placed.