Former CEO of NITI Aayog, Amitabh Kant, noted that an era of India is dawning. He emphasized that while many countries, from Europe to China, are aging, new opportunities are actively emerging in India, and every sector is demonstrating rapid growth.
India is witnessing rapid development across all spheres. Innovative technologies are appearing even in the startup sector, ranging from space developments to payment aggregators. Kant believes that India is young and possesses several significant advantages.
He pointed to the enormous potential in India, especially in artificial intelligence (AI), technology, and data centers. Kant stated that interest in AI is growing globally, with India being a major user, which stimulates the construction of data centers. Data center development is active in India, and the country plans to invest $200 billion in them. Furthermore, due to the attractiveness of the Indian market, new technologies are being implemented in healthcare and payments in the country.
Global talent is also arriving in India, both through applications and in search of new markets. Regarding manufacturing, Kant stated that sound policy always promotes national development. Indian manufacturing companies are given great opportunity, but they must produce high-quality products that meet global competitive standards, otherwise, they risk losing their market share in the future.
Nevertheless, dependence on energy resources remains the most serious challenge for India. Work is currently underway to achieve self-sufficiency in this area, and efforts in green and renewable energy are being actively promoted. Although problems have intensified over the last six months due to the energy crisis, the government is accelerating work on alternative solutions.
Amitabh Kant added that reforms are necessary to accelerate growth, and significant transformations may occur in various sectors soon. Speaking at the Business Today India at 100 event, the former CEO of NITI Aayog also highlighted the huge employment potential in the travel and tourism sector. He stressed the need for efforts to attract foreign tourists, as India has many places that can become global tourism hubs, and this sector is expected to see rapid job growth in the coming years.
The launch of Startup India in 2016 contributed to the digitalization of the country, and the results of this process are visible in many industries, including the space sector and the stock market, which benefits from the Digital India initiative.
Kant stated that India is on the threshold after which its development path will be favorable for the next three decades. He compared the current situation to the period when Japan, Korea, and China were rapidly recovering economically after World War II, noting that India is going through a similar phase.
He acknowledged the importance and significance of India-US trade, but clarified that India is not solely dependent on America today. In recent years, India has signed Free Trade Agreements (FTAs) with many major global economies, reducing dependence on any single country. India will reap significant benefits from these free trade agreements in the coming years.