Success has even more detractors than it has fathers. Accolades and brickbats have been the story of the Gujarat International Tech-Finance City or the GIFT City that has attracted eyeballs and envy in equal measures ever since its inception for it being the first-of-its-kind in India. Vision of a state (Gujarat) and business acumen of an infrastructure giant (IL&FS), took on the challenge when there was no one to pick the gauntlet. Sooner than expected, it rose to #6 in Asia and #10 amongst top 92 financial centres in the world. Praised by businesses in India and abroad, it has remained in headlines for the wow factor. Recently, there has been a concerted campaign making sensational claims against the project. Whether there is an element of truth or is it a case of jealousy, vendetta and detractors at work? Dr Gursharan Dhanjal, Editor, INCLUSION, speaks with Ajay Pandey, MD & Group CEO, GIFT City to find out:
As India sets the target of $5 trillion economy, GDP indicators show a downward trend. Quarterly GDP growth falls to 5 per cent-seven year low, casting a shadow on Modi's plans. While it may be true that $1 trillion was added between 2014 and 2019, making it a $3 trillion economy; adding another $2 trillion will be a difficult task. A report by TEAM INCLUSION
India seems to be at a crossroads. Good policymaking and timely intervention from the government will take it to the $5 trillion goal earlier than expected and result in economic prosperity for all. On the other hand, delay and reactionary stopgap measures could blow up the current slowdown in certain sectors, an economy-wide phenomenon, which could result in massive setbacks in growth achieved thus far, analyses TEAM INCLUSION
Climate change is upon us. Drastic and globally-coordinated emissions reductions are urgently needed. This summer was the hottest in a century. With each passing year, temperatures are rising leading to an unprecedented melting of snow and longer summer months. On the one hand, we have draughts and on the other, flash floods. India is most vulnerable to climate change. What does it mean in context of Modi Government's economic growth projections, reports TEAM INCLUSION.
Supporters as well as critics of ModiNomics agree that the target of $5 trillion economy is challenging but achievable. The issue is not just about achieving the target of a particular size of the economy. It's a wider issue of how do we achieve it and in the process what happens to the critical challenges that the country faces like poverty, inequality and jobs. The road to $5 trillion economy should be used to create a highway for reaching the next level of expansion, say $10 trillion and $20 trillion in a particular time-frame. Towards the end of 2018, India 2030: A Socio-Economic Paradigm book, published by SKOCH Group, pitched for $10 trillion target by 2030.
Based on the learnings of implementation of urban development schemes in the country in the past and particularly, the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), a paradigm shift has been brought in our efforts to recast the country's urban landscape. The essential features of this new approach being: bottom-up planning, based on citizen participation in prioritisation of projects and formulation of plans, complete autonomy for states and urban local bodies in appraising and approving projects, selection of cities and towns for inclusion in new urban sector schemes and allocation and release of funds based on an objective criteria, convergence of different schemes to enable integrated planning and better utilisation of resources of central and state governments and unprecedented resource empowerment of states and urban local bodies.
Anupam Verma, who works for a multi-national company in Mumbai, was deeply disturbed after reading a report regarding the presence of poisonous chemicals in conventionally grown fruits and vegetables that he and his family used to eat everyday. The report was indeed scary. It said the consumption of these produce might cause life-threatening diseases like cancer, neurological defects, autism and respiratory and reproductive problems. Verma did not want to take a chance and decided to use only 'organic produce', which are presented in the report as a healthy alternative.
Finance Minister Nirmala Sitharaman has brought in Diwali early for the economy by lowering taxes on corporate profits to nearly the lowest level across comparable countries. Within minutes, the stock markets gave the announcement an 1800-point salute, the highest intra-day jump in a decade that lifted market valuation by Rs 5 lakh crore.