Chennai: Vice President M Venkaiah Naidu on Thursday said the need of the hour is to initiate actions that return the economy to a high growth track.
In his virtual address at ‘Mystic South, Global Linkages Summit–Towards a USD 1.5 Trillion Economy by 2025’ organised by the Confederation of Indian Industry (CII), he said India is now at a decisive point in regaining its growth.
‘Now is the time for all the stakeholders to join hands and ensure sustained economic momentum’, he added.
Calling upon the industry to work with the government on implementing various reforms with greater vigour and pave the way for sustained economic growth in the coming decade, Venkaiah Naidu said the government has taken a number of steps to revive the economy.
‘The industry on its part, must rise to the occasion and ensure that the upward growth trajectory continues’, he said, adding, the need of the hour is to initiate actions that return the economy to a high-growth track and create gainful jobs for millions of workers by 2030.
Stating that an annual GDP growth rate of 8 to 8.5 per cent annually with continued productivity growth will be required to stimulate entrepreneurship, create jobs and drive balanced progress, the Vice President noted that India has been one of the 18 outperforming emerging economies over the past decade.
Stressing the need for India to leapfrog ahead to achieve the required employment and productivity growth, he said that global trends such as digitisation and automation, urbanisation, rising incomes, sustainability, health, and safety are assuming a new significance in the wake of the pandemic.