India is prepared to promote itself as an attractive investment destination at the annual World Economic Forum (WEF), which started in Switzerland’s Davos on Jan 16 and will run until January 20.
The government decided to map out its ambitious roadmap for 25 years until 2047 when India will celebrate 100 years of independence. The government highlighted some of the key achievements it made during the 75th anniversary of Independence. These include the growth in GDP, exports and per capita income.
The government presented to the WEF at Davos and stated that the GDP has increased 100 times, currently standing at $3.5 trillion.
The per capita income has increased 500x to $2,300. The total exports have increased 500 times, reaching $660 billion, the highest export value in 2021-22.
India is the fifth-largest economy in the world, with a growth rate of 8.7 percent in 2021-22.
With 522 million people working, the country is second in terms of population. The median age here is 29 years.
The government also promotes the country as a destination for foreign direct investment (FDI).
The presentation shows that the annual FDI has doubled over the past eight years, from $35 billion to $84 trillion.
India is aiming to be the second-largest economy in the world, with a GDP of $32 trillion by 2047. It also expects that the per capita income will grow 10 times.
The country’s manufacturing GDP will grow 150% to $6.2 trillion, while the services GDP will grow 130% to $20 trillion.
The FDI is expected to increase 12 times to $1 Trillion, and exports will likely grow 12x to $ 8 Trillion.
The presentation stated that India has reduced its corporate tax, making it one of the lowest worldwide, as part a series of business reforms.
It is 22% for existing units and 15% for new units.
The government offers financial incentives in the amount of $26 billion to promote domestic production across 14 sectors under its production-linked incentives (PLI).
In order to make India self-reliant in the semiconductor sector, financial incentives of $10 billion were provided for the development of semiconductors and a display manufacturing environment.
India has moved up 79 places in Ease of Doing Business rankings of World Bank over the past five years. It also features in the top three improvers lists.
India has also launched 300+ reforms in 72 areas to help state governments create an investor-friendly environment.
The National Single Window System is the one-stop digital platform for investor approvals. While its ambitious PM Gati Shaki – National Master Plan to multi-modal connectivity – is a GIS-based technology platform that aims to improve multimodal connectivity, logistics efficiency, and ensure seamless movement and goods and services, it is offering the National Single Window System.
India’s plan to establish Asia’s most extensive rail network by 2047 with more than 70,000 km. It also aims to increase highway capacity seven times, improve port handling capacity four times, and increase aviation sector trips by sevenfold.
India contributes 1 of 10 unicorns. There are 107 unicorns total with a valuation of $341 billion.