Mumbai, 11th June 2015: Focus on innovations, inventions and fresh thinking in the areas like education, health, food and housing can help India become $20 trillion economy from the current around $2 trillion, Union Minister for Women and Child Development Maneka Gandhi said at the 40th Skoch Summit here Thursday.
Addressing inaugural session of the two-day Summit organised here by Skoch Group in association with the Bombay Stock Exchange (BSE), Gandhi said out-of-box thinking was needed in every area to take the Indian economy to a new high.
“What can make India $20 trillion economy? We can do it. But we need to think completely fresh… it can’t be done just by upscaling from what we already have,” said Gandhi adding even small innovations can make a lot of difference in the life of common citizen and the economy.
She explained how a small innovation in making bricks from cow dung has helped her earn Rs 60,000 additional income. She is actively promoting these technologies in several parts of the country.
Gandhi suggested that a dedicated ministry should be set up for promoting and facilitating inventions. “What we need in India is not just a ministry for skill development. We need a ministry for invention.”
Sameer Kochhar, Chairman, Skoch Group and Founder & Secretary General, CEO’s Association for Inclusive India (CAII), emphasised on the need for adopting sectoral approach to achieve the $20 trillion economy.
Kochhar said a specific target should be set for every sector like banking, insurance and manufacturing. “We need sectoral approach. Like in $2 trillion economy this is where we are in insurance sector, then in $20 trillion economy where we should be. This is where we are in payments in $2 trillion, where we should be in the $20 trillion economy. Similarly in banking, manufacturing and other sectors,” he said.
Kochhar, who is also author of best-seller ModiNomics, called for making the economy more inclusive and equitable. “I have been a votary of inclusive growth all my life, coming from poor background myself. I feel a lot for the poor in India and for me even if the economy is $20 trillion and it is not inclusive and equitable, it is not worth it,” he added.
“With the new government in, and with the government for which everybody is really hopeful about, this is a timely aspiration,” Gandhi said referring to the theme of the Summit.
“A nation can only grow bigger if people dream. Today our dreams are big. But the dreams need to encompass the unknown,” she added.
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