Press Release

Govt. efforts paving the way for sustained growth: Increased public investment to infuse Rs. 22.5 trillion into economy: Ashwini Vaishnaw

25th March 2022, New Delhi: The government under the leadership of PM Modi has adopted a strategic approach to strengthen public investment cycle, promote focused consumption and reforms & incentives for private investment to revive the economy post the once in a century stress induced by Covid-19, says Shri Ashwini Vaishnaw, Hon’ble Minister of Railways, Communications and Electronics and Information Technology at an ASSOCHAM event. 

Speaking at the ASSOCHAM’s event on Emerging Technologies Nurturing Transformative Growth, the Minister says, “This year Rs. 7.5 trillion has been budgeted as Capex by the Government. It is estimated that with the multiplier effect, this will add Rs. 22.5 trillion to the economy, which goes into the industry out of with Rs. 13.5 trillion goes to MSME. 

“If we follow this capital investment strategy for 5-6 more years, our economy will grow at 8% consistently for the next 20 years”. he added. 

India is well-positioned to take the advantage of emerging technologies with the world's 3rd largest startup ecosystem: ASSOCHAM President Mr. Vineet Agarwal said during the annual session on "Emerging Technologies Nurturing Transformative Growth" 

Mr Ashutosh Chadha, Director and Country Head Government Affairs & Public Policy, Microsoft shared his viewpoints on Digital India scheme that acted as a fundamental building block and a hallmark for emerging technology. Technology being the active segment can bring help the economy to grow. There is a greater need for increasing the tech intensity in the corporate and local environment by adapting to new advances. Government playing the active role should enforce forward looking digital policies and building trust and confidence in people to use it responsibly. India needs a stronger cyber security system and framework for avoiding cyber breaches and heavy financial loss, he added. 

Mr Manoj Paul, Managing Director, Equinix India said investors are taking great interest in India because of rising development in metro cities. There should be a standard national policy for Electronics and Information Technology sector, he added. Also requesting about the power sector to the Minister, to have more data centers in the country as it can generate as many as 30,000 households and is a great opportunity for R&D. 

Mr Ram Rakkappan, Head of Government Engagement and Public Policy- India and South Asia, VISA appreciated the transformation and growth of digital payments and showed his interest in central bank digital currency as it can be one of the fastest tractions of technology that people are adapting to. It will also support the digitization schemes by the Government in the long run. 

Others who also spoke during the conference were Mr Deepak Sood, Secretary General ASSOCHAM;  Mr. P. Balaji, Chairman, ASSOCHAM National Council on Digital Communications; Mr Kamal Arora, Chairman, ASSOCHAM National Council on Electronics and Components; Mr Rahul Jain, Head Public Policy (Digital & Devices), India, Amazon; Mr Ashwani Rana, Co-Chairman, ASSOCHAM National Council on IT/ITes & eCommerce; Mr Aman Jain, Head of Government Affairs and Public Policy, Google India.