India set to be global economic powerhouse

In a recent visit to Singapore for the Lokmat Global Economic Convention, the chairman of Lokmat Media Group and former member of Rajya Sabha Dr Vijay Darda shared his insights on India’s economic landscape and its trajectory over the next few years. With a keen eye on India’s development, Dr Darda provided invaluable perspectives on various facets shaping the nation’s growth.

Transitioning India’s economy

Reflecting on India’s unique journey, Dr Darda highlighted the country’s transition from an agrarian society to a services-led economy, bypassing the conventional trajectory of becoming a manufacturing powerhouse. Emphasising the significance of addressing the employment challenge, particularly for the burgeoning youth population, he stressed the need for robust infrastructure, enhanced education outcomes and accessible healthcare services.

He remarked, “India holds a demographic dividend with a youthful population expected to burgeon for the next 25 years. However, sustainable employment opportunities hinge upon bolstering infrastructure, refining education and fortifying healthcare provisions.”

Promising sectors and game-changers

Identifying pivotal sectors poised for exponential growth, Dr Darda underscored the potential in manufacturing electronic components, defence equipment, renewable energy, pharmaceuticals and IT services, particularly in artificial intelligence and machine learning.

He commended India’s prowess in service industries while advocating for the modernisation of agriculture and augmentation of related infrastructure.

“India’s allure as a manufacturing hub is undeniable, buoyed by a vast domestic market, adept workforce and conducive regulatory frameworks,” remarked Dr Darda. “By leveraging existing expertise and fostering innovation, India can spearhead transformative growth across diverse sectors.”

Nagpur’s evolution and regional development

Discussing Nagpur’s remarkable metamorphosis, Dr Darda highlighted the city’s ascension as a dynamic economic hub, propelled by infrastructural advancements and strategic initiatives. He elaborated on Nagpur’s pivotal role in defence establishments, educational institutions and burgeoning sectors like information technology.

“Nagpur’s burgeoning stature underscores its pivotal position in the regional landscape, catalysing economic growth and generating employment opportunities,” noted Dr Darda.

“The development impetus must now extend to fortifying agricultural exports, thereby invigorating Vidarbha’s economic landscape.”

Role of NRIs in India’s growth trajectory

Appreciating the invaluable contributions of the Indian diaspora, Dr Darda highlighted their instrumental role in fostering economic growth and technological innovation. He emphasised the importance of fostering a conducive business environment to harness the expertise and resources of non-resident Indians (NRIs), thereby propelling India’s growth trajectory.

“The Indian diaspora epitomises resilience and ingenuity, serving as a catalyst for innovation and progress,” remarked Dr Darda. “By fostering a business-friendly ecosystem, India can harness the vast potential of NRIs and fortify its position as a global economic powerhouse.”

Lokmat Media Group’s ongoing commitment

Reflecting on Lokmat Media Group’s legacy and future endeavours, Dr Darda reiterated the organisation’s unwavering commitment to people-centric journalism and societal upliftment. He emphasised Lokmat’s resilience in navigating digital disruptions and reiterated its steadfast dedication to upholding freedom of speech.

“Our journey transcends mere dissemination of news; Lokmat embodies the spirit of social advocacy and empowerment,” affirmed Dr Darda. “Amidst evolving media landscapes, Lokmat remains steadfast in its mission, leveraging technology and championing freedom of expression.”

Future expansion and digital initiatives

Addressing Lokmat Media Group’s expansion plans, Dr Darda highlighted the organisation’s steadfast growth trajectory across Maharashtra, Goa and New Delhi. He emphasised Lokmat’s digital prowess and hinted at forthcoming global ventures, underscoring the group’s commitment to innovation and audience engagement.

“Our expansion roadmap encompasses digital frontiers, aligning with global trends and audience preferences,” shared Dr Darda. “In the coming months, Lokmat will unveil transformative initiatives, reinforcing its position as a beacon of journalistic excellence on a global scale.”

Dr Vijay Darda’s insights underscored a holistic vision for India’s socio-economic development, encapsulating strategic imperatives and actionable pathways for sustained growth. As India charts its course in the global economic landscape, informed perspectives like Dr Darda’s serve as guiding beacons for progress and prosperity.