Amidst the multiple challenges thrown up by the Covid-19 pandemic, India will bounce back with a vengeance with green shoots in the economy already being visible, NITI Aayog CEO Amitabh Kant said.
According to Kant,every crisis can be turned into an opportunity and India must identify 12-13 sunrise sectors in which it can leapfrog to become global champions to achieve sustainable high growth and create jobs.
“Electrical mobility, artificial intelligence, blockchain technology, liberalising clinical trials and moving on to high value products in pharmaceuticals as well as the creative industry are the areas in which we can leapfrog to help country grow at consistently high growth rates,” Kant said while speaking on the “Role of creative economy in nation building” at the Ficci E-Frames 2020 on Tuesday.
Commenting on the Atma Nirbhar Bharat, Kant said it is not about protectionism. “Atma Nirbhar Bharat is the ability of Indian companies to develop world-class products to cater to the domestic market and eventually hit the global markets by becoming global champions,” he said.
“It has to be a collaborating partnership between the government and private players,”he said, citing the example of development of the Aarogya Setu app which has touched 140 million downloads. “Building of capacity will be critical and backing of the government will help companies get size and scale,” he added.
According to Kant, Covid-19 had brought in a new normal and those who survive will be the people who work technology, data and in sunrise sectors. “Indian has traditionally focussed on sunset sectors where it is difficult to get the size and scale,” he added.
Talking about the creative industry, Kant said India is emerging as a hub of the creative economy. “The media and entertainment industry is on a fast track to growth and poised to cross $30 billion by 2021 with creative exports likely to double over the next four-five years,” he said, adding a large number of new jobs are likely to be created in the creative industry as well as e-commerce.
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