Foritsnexteconomicstage—Economy2.0—Indianeedstobea“responsibleeconomy”withfiscalprudence,powerandeducationsectorreforms,andlessgovernmentlitigationtomakeupforlossesduringthepandemicyear,aswellasadifferentapproachtopublichealth,ChiefEconomicAdviser(CEA)VAnanthaNageswaransaid. “Technologycanbetheicingonthecake,”hesaid,addressingtheinauguralsessionofthe7thIndiaIdeasConclaveon‘India-2.0RebootingtoMetaEra’,organisedbyIndiaFoundation,athinktankbackedbytheRSS. WhileacceptingtheappreciationforIndia’sgrowthstory,hesaid,“There’smoretoachieve,todeliverthekindofgrowthratetotakeustoamiddle-incomeeconomyfromalower-incomeeconomy.Wehavetohaveavibrantfinancialsystemwhichprovidesfundsforgrowth.” HesaidtheUkrainecrisishasprovedthattechnologyasitisatitsbestcangivepartialanswerstothechallengesIndiafaces,buttheturmoilcreatedinthefinancialsectorandfluctuationsinthecryptocurrencymarketduringthistimehaveprovedthat“humansaredrivenbyfearandgreed”and“sometimestechnologycanaccentuatethem.” “Manufacturingcomplexeshavetobeincreased,privatesectorhastoensurethatMSMEsarepaidontimeandtheattitudetowardspublichealthshouldbechanged,”Nageswaransaid,addingthattherecentNationalFamilyHealthSurveyfoundthatobesitylevelinthecountryisontherise.“Indiashouldnotbeunhealthywhenitgetseconomicgrowth…correctfoodlabellingisveryimportant.” StatingthattheCentrehadtospendtimeclearingthebalancesheetbypayingduesasIndiahadtobuildthesystem,hesaidfiscalprudenceistheonlywayout.Thecountryhadadifficultlastdecadeasbankshadoverlentandthecorporatesectoroverborrowed,theCEAadded. BuyNow|Ourbestsubscriptionplannowhasaspecialprice HesaidtheCentre’smovetore-embarkonprivatisationandassetmonetisationhavehoweverimprovedthebalancesheet. TheCEAalsolaudedthecurrentgovernment’seffortstopushreformsevenduringtheunfoldingtheCovidcrisisbyintroducingnewschemes,reductionofcorporatetaxandrelaxingrulesforstartups. UnionMinisterAshwiniVaishnaw,alsospeakingattheinauguralsessionofthethree-dayevent,saidIndiawouldhavetosharpenitsedgeintelecomsectorandsemiconductormanufacturing,masterthedesignandmanufacturingecosystemofdevices,andworkfordigitalinclusionforIndia2.0.Hesaidthatonceglobalstandardshave“ourinputs,theacceptanceofourtechnologywillincrease”.“Technologycanbepervasiveandbeuseful…Wewillhavetocreatearegulatorystructureinwhichtheaccountabilityofmanufacturerscomesalongwithfreedomofusers,”Vaishnawadded. Sourcelink

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