India 5.0: India@75 and Beyond

Each year, after intense deliberations, CII selects a Theme for its Annual Session which becomes the focal point for all discussions and deliberations amongst the wide groups of stakeholders – Government, industry, think tanks, regulators, media, academia and civil society – at the CII Annual Session.

The Theme for the CII Annual Session 2019, to be held on 4-5 April in New Delhi, is INDIA 5.0: INDIA@75 AND BEYOND. This builds further on the CII Theme of India@75 – an India characterised by economic strength, technological vitality and moral leadership.

India 5.0 is seen as the culmination of the earlier phases, which can, broadly speaking, be defined as follows:

India 1.0 Before 1947 Pre-independence
India 2.0 1947 – 1991 Post-independence: laying the foundation
India 3.0 1991 – 2014 Liberalisation: moving to a market economy
India 4.0 2014 – 2022 Digital India: leveraging technology
India 5.0 2022 – 2047 Convergence of India and Bharat: creating an inclusive and developed country

India 5.0 denotes convergence of India and Bharat. Intrinsic to this idea is reduced disparity, on all fronts: similar quality and access to development for all citizens, coupled with low income disparity.

By 2047, India@100 should aim to become an ‘innovation and technology driven, inclusive, socially conscious nation’.

The time is just right to envision and work towards India 5.0. Last year, India experienced a mixed bag vis-à-vis the economy. While there was much to be positive about, the challenge of rising oil prices and financial market volatility coupled with weak global economic growth served as dampeners. Despite that, India emerged as the world’s fastest growing major economy and is expected to retain that momentum, propelled by the acceleration of reforms unleashed by the Government.

India 5.0 will have its share of challenges, the biggest being an environment marked by volatility, uncertainty, complexity, and ambiguity (VUCA), and citizens who are more conscious of issues, more connected because of social media, and much more demanding of the Government.

To achieve the goal, a 5.0 mindset will need to be cultivated. Nimble and adaptive policy making will be a pre-requisite, based on real-time data analytics and robust scenario building, coupled with a conscious risk-taking mindset, and breaking down silos to create linkages that will strengthen achievement of goals. The citizen will be critically important, and a citizen-oriented government will deal with a society-oriented citizen.

The India 5.0 framework, comprising three axes, will include:

  1. Economy and business – India is expected to transition from being a ‘low middle income’[1] country to an ‘upper middle income’ country and later move into the ‘high income’ group. Even as poverty levels come down, it is imperative that income disparity is reduced too.
  2. Infrastructure – India 5.0 will focus on connectivity, speed and safety, using environmentally friendly technologies. Social infrastructure will be improved with a special focus on education and health, with the underlying principle of ensuring affordable and accessible high-quality services for all citizens.
  3. Quality of life – Differences between rural and urban India will be reduced, making physical, digital and social infrastructure in rural areas at par with the best in the country. Sustainability will be the guiding principle for development, making India 5.0 a sustainability-focussed country.

The CII Annual Session will highlight the roadmap ahead with a range of sessions to elaborate on the theme of INDIA 5.0: INDIA@75 AND BEYOND.

 

[1] As defined by The World Bank, for the 2019 fiscal year, based on GNI per capita: lower-middle-income economies ($996 to $3,895), upper-middle-income economies ($3,896 to $12,055), high-income economies ($12,056 or more)`

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