India only bright hope for next decade in a slowing global economy: NITI Aayog's Sanjeet Singh

Singh stressed that it is only India that is focusing on its demographic dividend.

Amid a slowing global economy, India is the only bright hope for the next decade, said Sanjeet Singh, the senior advisor at top government think-tank NITI Aayog.

“In emerging global trends, India is fast becoming party to a number of global alliances because there is global recognition to the fact that India is a country nobody can afford to not do business with,” Singh said while addressing an Assocham event in New Delhi on June 8.

“This is what the world is saying. India is where the profits will be and where investments will flow as countries around the world look to make partnerships with the country. In a world of global recession, India is the only country that is looking at growth rate of 6-8 percent,” the NITI Aayog official added.

The India of 2023 is not the India of 2013 and several transformational changes have happened in past decade, the advisor said.

Terming India the fastest growing major economy in world, he said that it is the country’s free-market economy which is making developed countries to form alliances with India and get into business with India.

Singh stressed that it is only India that is focusing on its demographic dividend.

“We are talking about skilling, re-skilling and up-skilling to harness the full potential of our demographic dividend,” he said.

The advisor also spoke on changing trade dynamics in the world and the importance of resilient supply chains inside the country.

“We are living in a world where trade and geo-politics are interrelated. The Covid pandemic, Russia-Ukraine conflict, disruptions of supply chains, dueling sanctions between two major blocs and export controls that followed have affected Indian trade,” he said.

This has forced everyone to speed up efforts to strengthen internal supply chains to be independent of other countries, the advisor added.