India cannot achieve the goal of Viksit Bharat 2047, which envisages a fully developed nation by 2047, just by "doing the job work for the world or by doing low value addition", according to Enam Group Chairperson Vallabh Bhanshali. As per the government, the objective of Viksit Bharat is to enable every citizen to participate in the economy and develop world-class infrastructure to promote sustainable growth.
In an interview with NDTV Profit's Niraj Shah, Bhanshali underscored that India needs a major migration from where it is to where it needs to be. To get there, he called for productivity and original ideas alongside a shift in where "we place our emphasis on reforms".
"(Prime Minister Narendra) Modi is a man in a hurry, and we need to be a country in a hurry. Otherwise, we'll get trapped in middle income," he said. "We cannot settle for a low demographic dividend or 6−7% (GDP growth)."
"At our level of per-capita income, most progressive countries that broke through were at 8−10%. And you will see this government attempting even higher growth," he said.
Bhansali said that with Telugu Desam Party leader Chandrababu Naidu, the "original progressive thinker of this country", as Modi’s partner, the country has much to look forward to. He gave the example of how his travel to Flame University in Pune used to take three and a half hours, and now it takes an hour less. This is the type of productivity gains that one can expect from the new government, he said.
"Modi has worked very hard to bring down the cost of logistics in this country below 10%," the investment banker said.
Based on the statements made by the prime minister in the past few days, Bhansali expects that there would be further reforms in the logistics sector and the second round of direct benefit transfer is going to be attempted more seriously. He also claimed that the "body language of Modi's allies suggests a 100% policy continuity".
"The world is going through a massive shift in terms of AI and India has a very special place in it," Bhansali said. "It has the largest number of people capable of handling this work."
"Maybe IT is not roaring at 6−7% and maybe, it's at 3−4%, it does not matter. The world has nowhere to go," he said.
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