Rajnath Singh Highlights India’s Growth Story and Urges Youth to Become Wealth Creators
Pune, 28th March 2023: Raksha Mantri, Rajnath Singh, today delivered the Field Marshal SHFJ Manekshaw Memorial Lecture at Symbiosis International (Deemed) University in Pune, and called on the youth to ideate, innovate and set up new companies and R&D establishments to help realize the Government’s vision of transforming India into one of the most powerful nations. He also noted that the country has entered the “Amrit Kaal”, and the Government has laid the groundwork for a strong and self-reliant “New India” by implementing policies and steps to promote the use of the latest technology, and ease of doing business, giving the youth an opportunity to realize their dreams.
The Raksha Mantri emphasized the importance of technology as the most important component for business set-up and added that reforms have been made on a large scale in R&D establishments, such as the Defence Research and Development Organisation (DRDO) and the Council of Scientific & Industrial Research (CSIR). The Government has established the link between academia and industry, wherein researches being carried out by universities reach the industry for development of state-of-the-art technologies and products.
Rajnath Singh likened the unparalleled energy of India’s youth to the characteristics of nuclear energy, emphasising the vital importance of ‘direction’ for its effective utilisation. He supported his statement by saying that “India is today home to over 90,000 start-ups, of which more than 100 are unicorns and this has been made possible due to the zeal and energy of the youth”. He stated that just like nuclear energy requires direction for its best use, the energy of youths needs to be directed towards nation-building and social welfare. This energy can be moderated through values, cultures, and traditions, he said.
The Raksha Mantri also urged the youth to take advantage of the Government’s policies and contribute to the growth story by becoming wealth creators. While exuding confidence that new business entities and factories will soon be established in the country, he told the students that they have the same responsibility towards the nation as they have for their firms. He urged them to take care of the interests of all stakeholders and ensure that the nation gets the best and affordable products & services. He called for timely payment of MSMEs & vendors in the supply chain of the respective organisation and use of clean technologies for a safer future. He also urged them to discharge their Corporate Social Responsibilities as an Enlightened Corporate Citizen.
Rajnath Singh cited surveys of various agencies, stating that India, the fifth largest economy, is continuously surging ahead at an unprecedented pace and is on course to find itself among the top three economies in the world by 2047. He asserted that India’s image has transformed on the international stage under the Prime Minister’s leadership, and New Delhi’s views are keenly listened to by the world. He added that India has emerged as a preferred and trusted investment destination for the world. “Be it exports or inflow of FDI, income tax, or record collection of GST, our country is doing much better on almost every front,” he said.
The Raksha Mantri also highlighted a series of reforms undertaken by the government to encourage ease of doing business, which includes scrapping old irrelevant rules and regulations. “Many rules and laws were being followed for decades, which had become obstacles in the path of the youth. We scrapped those rules & regulations and introduced new ones to help the youth realise their dreams,” he said.
During the G-20 festival of Thinkers Lecture Series, Rajnath Singh spoke about the reforms implemented by the Indian government in the banking sector. He emphasized that several banks were struggling with Non-Performing Assets (NPAs) and losses in 2014, which prevented them from granting new loans. However, the government revived public sector banks by capitalizing them, and those banks that were previously running in losses due to NPAs or other reasons are now performing well in the market and can provide loans. The privatization of some banks is also being explored to give them a new life.
Rajnath Singh also discussed the steps taken to promote investment by retail investors. The government curbed insider trading, improved the trading process by promoting technology and digital architecture, and made the trading process transparent. These efforts have encouraged people, even in remote areas, to invest in the market, which has increased the depth and resilience of the market.
Singh highlighted the importance of management in the progress of a nation and referred to it as the most crucial factor in socio-economic development. He explained that management helps organizations function effectively and shape their culture. Whether it is the efficient use of human, physical, or financial resources, management is an essential component. As India approaches its 100th year of independence in 2047, Singh encouraged the youth to create a roadmap of goals and strive towards making India a strong and prosperous nation.
The Field Marshal SHFJ Manekshaw memorial lecture was held as part of the G-20 festival of Thinkers Lecture Series.
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