India’s growth model can be a template for other nations: CEA Nageswaran

Johannesburg: India’s developmental journey within a democratic and federal framework could serve as a model for other nations, according to Dr V. Anantha Nageswaran, Chief Economic Advisor (CEA) to the Indian government.

Speaking at a seminar here attended by South African and Indian business leaders, Nageswaran said, “India is a country with the largest population trying to transform itself into a developed nation within the context of a democratic polity and also within the context of a federal governance structure. Therefore, India’s experiences will be very useful templates for many countries, including South Africa.”

Nageswaran also discussed the Viksit Bharat vision, which aims to take India from $3 trillion to a $13 trillion economy over the next 25 years. He highlighted that India is laying the groundwork for development through infrastructure, deregulation, and education investments.

“Ultimately, when we have goals for the economy, we should remember that these outcomes are influenced by various factors beyond our control. What is within our control is the efforts that we can take to achieve Viksit Bharat,” he said.

“The outcomes will be subject to global factors, but what the Government of India has been trying to do in the last ten years and will continue to do in the next ten years also is to put in place the building blocks that will take us to Viksit Bharat,” he said.

Nageswaran also emphasised the need for a changed approach to partnerships among countries in the new global environment.

“At no other time since World War II, do countries need to lean on each other as much as now. We need to be agnostic and open-minded. We cannot therefore choose but rather be opportunistic in forming partnerships because the world is now in a phase of churn,” he pointed out.

“It does not mean that we shift convictions and focus of convenience but it is about being creative in our partnerships and identifying areas where there is commonality, putting aside our areas of differences for consideration at a later date,” Nageswaran said.

Saki Zamxaka from South Africa’s Gauteng Growth and Development Agency highlighted potential collaboration in areas with India, particularly in mineral resources and skill development in manufacturing pharmaceuticals and medical equipment.

“As we build our mineral beneficiation, which is where part of the opportunity is, as there are minerals which will be necessary for India’s growth that we can export,” he said.

Zamxaka also noted that Indian companies in South Africa could contribute to organic growth by aiding in skill development.

“India being an economy as big and as influential as it is, will be critical in working with South Africa not against anyone but in broader interests,” he added.

India’s High Commissioner Prabhat Kumar said India was currently South Africa’s third largest trading partner behind China and the US but was headed to move up to the second position.

“Germany and India are vying for that position. China is huge, but in the near future, we can probably become number two in both export and import,” he added.

–IANS