2024 marked a monumental achievement for India with the re-election of Prime Minister Narendra Modi’s government for an unprecedented third term. Speaking on the significance of this milestone, Hemant Jain, an expert featured on NewsX’s The Bharat Almanac: Year-End Special, highlighted, “Stability and continuity of government are crucial for businesses to thrive. This is the first time since 1962 that any government has been re-elected three times consecutively.”
Such a stable political environment has created a foundation for robust economic growth and policy continuity, enabling India to shine in an otherwise uncertain global economy.
Unparalleled Economic Growth: Hemant Jain
India’s economic trajectory remains a beacon of hope. According to Jain, “We have the highest growth rate globally. Investments are flowing in, and opportunities are growing across sectors.”
Key achievements include:
- Mobile Manufacturing Boom: India is now the second-largest mobile phone manufacturer globally. Jain reflected, “From minuscule production ten years ago, we’ve scaled to global levels, thanks to the government’s Production Linked Incentive (PLI) scheme.”
- Infrastructure Investment: Increased public spending on capital expenditure has bolstered infrastructure development. Jain noted, “The last budget’s emphasis on infrastructure has spurred growth in manufacturing and related sectors.”
- FDI and Exports: Foreign Direct Investment and export figures are among the highest ever, further solidifying India’s economic standing.
Hemant Jain on The ‘Make in India’ Push
The ‘Make in India’ initiative celebrates its 10th anniversary, marking significant strides in self-reliance. Jain expressed optimism about the next phase, stating, “By the 15th anniversary, India’s import of finished goods will reduce drastically, boosting domestic manufacturing.”
Focus on Green Energy
Green energy has emerged as a cornerstone of India’s future growth. Jain underscored, “Green hydrogen and solar power are industries of the future. India’s move towards self-reliance in energy will not only address our deficit but also open doors for substantial investments.”
He emphasized the need for government support, particularly through policy reforms and expanded incentives under the PLI scheme for green energy sectors.
Ease of Doing Business
While India has made significant progress, Jain called for further reforms to enhance ease of doing business. He proposed a streamlined approach, stating, “A single-window clearance system would make it easier for multinational corporations to set up operations in India.”
Additionally, rationalizing taxation and decriminalizing business operations were identified as critical areas for improvement.
Hemant Jain on Empowering the Middle Class and States
Jain advocated for measures to boost disposable income among the middle class, such as slashing income tax levels. “More money in the hands of people will drive spending and, in turn, economic growth,” he said.
He also stressed the importance of supporting underdeveloped states, suggesting additional fiscal aid to ensure balanced growth across regions.
The Role of Industry Bodies
As the President of PhD Chamber of Commerce and Industry (PhDCCI), Jain highlighted its pivotal role in bridging the gap between government and industry. “With over 1.5 lakh members across 30 states, we represent the voice of MSMEs and large industries alike,” he stated.
The chamber’s focus remains on green energy, policy recommendations, and fostering a favorable environment for industries.
Jain’s optimism for India’s future was palpable. “India offers an unmatched market of 1.4 billion people. With a young, dynamic population and vibrant democracy, the potential is limitless,” he said.
As 2025 approaches, expectations are high for continued reforms and innovations, paving the way for India to consolidate its position as a global economic powerhouse.
