(Photo : dharani.telangana.gov.in)

• Amitabh Kant emphasizes India's need to transition from agriculture to manufacturing for economic growth.
• Kant praises India's G20 chairmanship and its achievements in sustainable development and ease of doing business.
• Challenges in the global economy and the commercial real estate industry are highlighted, with a focus on attracting Gen Z and millennial talent.
• The transition from agriculture to manufacturing, simplifying state procedures, and attracting new talent are key to India's growth.

India's G20 Sherpa and former NITI Aayog CEO, Amitabh Kant, has emphasized the need for India to transition from agriculture to manufacturing to achieve high growth rates and become a developed economy by 2047. He stated that for India to grow at rates of nine to ten per cent, the country's GDP has to grow by nine times and per capita income by eight times. He also highlighted the importance of urbanisation in this process.

Kant stressed that the country must urbanise in a scientific, sustainable manner, enhance agriculture productivity, and remain a services nation. He pointed out that the dependence of the population in India on agriculture is 46.5 per cent, while agriculture contributes only 16.5 per cent of the GDP. He argued that this imbalance needs to be addressed by moving the population away from agriculture and into manufacturing, which offers better-paid quality jobs.

Kant also praised India's chairmanship of the G20 and advocated for lateral entry into government service. He recalled that during India's presidency of the G20 from December 1, 2022, to November 30, 2023, the country was able to bring consensus on all key issues confronting the world.

India's Achievements and Future Goals

These included a specific action plan for sustainable development goals impacted due to Covid, the issue of strong, sustainable, balanced growth in the global economy, the issue of Green Development Pact, technological transformation, and the use of digital public infrastructure. He also highlighted the issue of women-led development and stated that the biggest achievement during G20 was the fact that it spoke the voice of the Global South, and under the leadership of PM Narendra Modi, was able to make the African Union an integral member of G20.

Kant also spoke about the ease of doing business in India, stating that the country has achieved in the last eight years what it could not achieve in the last 60 years. He mentioned that over 1,600 laws have been scrapped and India has moved up 79 positions in the World Bank ease of doing business. He also emphasized the need for states to make procedures simple and highlighted the work done in terms of insolvency, bankruptcy code, real estate regulation act, and goods and services tax.

On the topic of GST, Kant acknowledged that there will be some unhappy people when major reforms of paperless digital tax are introduced, as it involves cutting out human intervention completely. He stated that GST rates in some areas are high but that is an issue where states and Central government have to sit down and sort out.

Challenges and Opportunities in the Global Economy

In terms of the global economy, the economic consequences of the succession of crises of recent years will be more visible in 2024. Economic growth will be weak, and China 's downturn will reverberate in emerging economies, in a climate of rapid tightening of financial conditions and a strong dollar. The world is in disarray, in upheaval and in dispute. This time, however, any analysis hangs on the huge question mark of the intense series of elections that will shape the coming year.

In the commercial real estate industry, companies are struggling to attract and retain the next generation of talent. As real estate organizations look to reinvigorate their workforce for this shift, they should consider the alignment between the values of the next generation of real estate professionals and the needs of the organization. Gen Zers and millennials value climate action, mental health, and work/life balance. They are even willing to reject a potential employer based on personal and ethical beliefs.

In terms of sustainability, reforming public procurement can have a dramatic impact. By setting strict green criteria for contracts, governments can improve their own carbon footprint through the use of greener products and services while encouraging other actors to improve their own sustainable consumption and production practices. Governments can also do more to educate people on the impact of their lifestyle choices, nudging them towards more sustainable consumption and behavior.