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India must grow at 10% for 30 years to meet rising demands: Niti 

Financial Chronicle , May 15, 2018

India needs to grow at 10 per cent annually for the next 3 decades to be able to meet the ever-rising dema­nds of its growing population, Niti Aayog CEO Ami­tabh Kant said on Monday. This order of growth, ho­w­ev­er, will not be achieved if the ‘business-as-usual’ appro­ach to the use of scarce re­sources continues, he said.

He said for reducing dependence on fossil fuels in transportation, a Niti Aa­yog analysis suggests the way forward is the use of bio-fu­els. “We are giving a big push to electric vehicles in a bid to conserve exhaustible natural resources and bring abo­ut resource efficiency,” Kant said at FICCI’s circular economy symposium-2018 here.

He also underlined the need to embed the principles of circular economy in India’s school education system. A circular economy, in contrast to the ‘make-use-dispose’ model of the linear economy, focuses on use of resources for longest possible time as also recovering and regenerating products and materials at the end of their life cycle.

Noting that the government needs to enable regulatory framework for circular economy, he said: “We sho­u­ld incentivise use of renewa­ble material for the constr­uction sector.” Kant stressed that the government needs to push the limits of the circular economy and make it a mass movement.

According to FICCI-Acce­n­ture study, which was rele­ased by Kant, by adopting ci­r­c­ular business model, India could reap a reward of between $382 to $697 billion by 2030. The report pointed out that the circular economy through its innovative business model, offers a unique opportunity to decouple growth from resource requirements. According to the report, 5 factors will be critical to accelerate circular models in India – greater awareness, disruptive technologies, enabling policy lan­dscape, innovative funding models, and collaborations and partnerships.

Meanwhile, Japanese fin­ancial services major Nomura said in a report that desp­ite moderation in factory ou­t­put growth in March, GDP is expected to gr­ow by 7.7 per cent in Janua­ry-Ma­r­ch, up from 7.2 per ce­nt in the preceding quarter. Despite the moderation in March, industrial production grow­th averaged 6.2 per cent in January-March, up from 5.9 per cent in Q4 (October-December), it said.

The uptick in average industrial production growth, implies that the overall industrial activity strengthe­ned in Q1 (January-March), “supporting our view of a pickup in GDP growth to 7.7 per cent year-on-year in Q1 from 7.2 per cent in Q4”, the report said.

The report further noted India is expected to witness cyclical recovery led by both investment and consu­m­ption. But factors like rising oil prices as well as tig­hter financial conditions are expe­cted to drag down gro­wth rates. “While we remain opti­mistic on the near-term gr­owth outlook, we expect the adverse impacts of rising oil prices and tighter financial conditions to slow growth further out,” Nomura said.

 

 

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Event:

 Circular Economy Symposium (CES) 2018