India to be $10 trillion economy by 2030: Plans to be presented at 50th SKOCH Summit

New Delhi, December 18, 2017: Key policymakers from the Centre and the states, including Madhya Pradesh Chief Minister Mr.Shivraj Singh Chouhan and Union Cabinet Ministers Mr.Suresh Prabhu and Mr.Narendra Singh Tomar, and Chairman, Economic Advisory Council to the Prime Minister, Dr.Bibek Debroy will present papers and deliberate at the 50th SKOCH Summit on how to make India $10 trillion economy by 2030.

The two-day event, to be held on 20th-21st December 2017 in New Delhi, is positioned to be “India’s Largest Citizenship Summit.” It will see participation of the policymakers from top level – Chief Minister, Cabinet Ministers from the Centre and the States, to the grassroots – representatives of district administration and urban and rural local bodies.

“We have left indelible impact on key policy reforms undertaken by the successive governments in the country over the last 15 years,” said Mr. Sameer Kochhar, Chairman, SKOCH Group & Secretary General, CAII.

According to Mr. Kochhar the 50th Summit would deliberate on the policy agenda focused on making India $10 trillion economy by 2030. Dr. Bibek Debroy, Chairman, Economic Advisory Council to the Prime Minister, is scheduled to present papers and address a special session on “The Road to a $10 trillion Economy”.

Union Minister for Commerce and Industry Mr. Suresh Prabhu will deliberate on how to enhance Indian investments. Union Minister for Rural Development, Panchayati Raj and Mines Mr. Narendra Singh Tomar will speak on “Naya Grameen Bharat”, while Madhya Pradesh Chief Minister Mr. Shivraj Singh Chouhan will speak on “Transforming Madhya Pradesh”.

Nearly 500 delegates from across the country are likely to participate in the two-day Summit. Prominent speakers include Mr. N K Singh, Chairman, 15th Finance Commission; Dr. Haseeb A Drabu, Finance Minister, Jammu & Kashmir; Lord Meghnad Desai, Founder & Chairman, Meghnad Desai Academy of Economics; Mr. Ashok Chawla, Chairman, TERI; Mr. Baijayant Jay Panda, Member of Parliament, Lok Sabha; Dr. Indira Rajaraman, Economist; Mr. Shaktikanta Das, G20 Sherpa and Member, 15th Finance Commission among others.

Mr. Kochhar said a sustained 10 per cent annual average growth is needed to achieve $10 trillion size of India’s GDP by 2030. “Our economic growth rate has been languishing at around 6-8 per cent in the recent years. The challenge is not only to accelerate the growth rate to 10 per cent but also sustain the momentum for at least one-and-a-half decade,” he added.

The size of India’s economy crossed $2 trillion mark in the financial year 2015-16. The average annual GDP growth between financial year 2003 and 2016 stood at 7.52 per cent. If the growth remain in the same range, India’s GDP would be around $7 trillion by 2030.

“Unless we accelerate the growth, we cannot eliminate poverty and ensure dignified life to the marginalised,” said Mr. Kochhar highlighting the need for pushing forward key policy reforms to accelerate economic growth.

Over the last 15 years SKOCH has brought felt-needs to the table and voice of the people to policy. SKOCH grassroots study and recommendations have shaped reforms and policy measures in the areas like digital, financial and social inclusion and infrastructure development.

SKOCH recommendations have shaped the policies like Pradhan Mantri Jan-Dhan Yojana; Pradhan Mantri MUDRA Yojana; Cloud, Aaadhaar and Mobile; Revival of Rural Roads scheme, take-out financing and long-term lending for infrastructure development and Municipal bonds. SKOCH has made indelible impact on the policies related to crop insurance, dematerialisation of insurance policies, group micro-insurance, universal insurance scheme, intent on policy portability and organic farming.

A recent SKOCH study highlighted that MUDRA (Micro Units Development and Refinance Agency) scheme, introduced in April 2015, is proving to be a game changer initiative on job creation and promoting entrepreneurship at the grassroots. The study report, released during the 49th SKOCH Summit, was twitted by Prime Minister Mr. Narendra Modi.

SKOCH is the only think-tank in India to do a comprehensive State of Governance study. Smart Governance Map of India ranking published by SKOCH every year since 2005 ranks states on their governance performance.

“Our recommendations have resulted in policies and formed the basis of key programmes of the governments at the Centre and the states. This is because we work at the grassroots. We will continue working at the grassroots and I am confident that SKOCH study and recommendations would play a critical role in India’s journey to $10 trillion economy by 2030,” said Mr. Kochhar.

Mr. Kochhar said SKOCH invites all stakeholders to join in the journey to write our combined destiny – a destiny with no poverty, a destiny with prosperity, a destiny with security, and a destiny with participatory democracy, where one isn’t labeled for their views.