It is that time of the year when we make, read, tear up, criticize, analyze, and more of the predictions made for the upcoming year by renowned leaders from across a spectrum of Industry. Let's look at the 24 for 2024 from the Economic Times of India.
But, let's first start with 24 Predictions for 2024 given by one person Chetan Bhagat in the Times of India of today 01 Jan'2024. Chetan got the biggest platform one can ask for to put forward a viewpoint and direction - and guess what he does of the opportunity? A waste. He mixes his personal bias and preferences to use the TOI platform to the fullest to sway mindsets. A great job at it though, of course. A slew of catchphrases, keywords, and hype statements form the predictions. A generative AI tool can give a better prediction based on facts and trends.
And, this is what I did. Taking the help of AI tools, come up with 24 areas in which India will have a significant impact:
Here is an analysis of India's economic data across key parameters over 2020-2022 based on RBI, Government of India, and IMF reports, along with 24 inferred points on areas of future growth and progress:
Economic Data Review 2020-2022:
1. GDP Growth Rate: Contracted by 7.3% in 2020 due to pandemic impact. Rebounded in 2021 at 8.7% growth. Projected at 9% for 2022 by the IMF.
2. Exports: Declined by 7.27% in 2020. In 2021 surpassed pre-pandemic levels at $422 billion. Grew by 43% through Nov 2022 compared to the same period in 2021.
3. Domestic Consumption: Private consumption declined due to lockdowns impacting discretionary spending in 2020. In 2021, returned to 2019 levels by year-end. Projected to remain robust in 2022.
4. Investments: GFCF declined in 2020 but is expected to revive to the pre-pandemic level of about 29% of GDP by the end of 2022.
5. Capital Investments: FDI inflows hit all-time highs in 2021 at nearly $85 billion and continue to rise in 2022.
24 Areas of Future Progress and Growth for India in 2024:
1. Consumption spending will drive growth supported by rising incomes and a large middle class.
2. Infrastructure investments in roads, ports, and 5G rollout will aid growth.
3. A thriving startup ecosystem can fuel an innovation economy.
4. Manufacturing competitiveness schemes to boost export growth.
5. Unleashing the financial sector’s potential can support investment-driven growth due to the strong capital position of banks.
6. Tax incentives for manufacturing solar energy equipment to support renewable expansion.
7. Policy support for EV manufacturing to reduce imports.
8. Thrust on Public Capex spending to spur investment multiplier effects on jobs and income.
9. Creating agriculture infrastructure from farm to fork to reduce wastage.
10. Labour reforms and skill upgrades to improve employability and incomes.
11. Leverage demographic dividend by providing employment and education opportunities for India's large young population.
12. Promoting digital economy and India stack tools to expand fintech, cashless transactions, etc.
13. Privatization schemes to reduce the debt burdens of state-owned firms.
14. Global supply chain expansion and export promotion policies.
15. Unleashing tourism sector potential with higher foreign tourist arrivals.
16. Higher healthcare spending to improve health and productivity outcomes.
17. Financial inclusion measures to channel household savings towards growth-driving investments.
18. A strong external position with high forex reserves provides a buffer against external shocks.
19. Proactive banking sector reforms to improve credit flow and stability.
20. Growth in services sector exports leveraging India's cost competitiveness.
21. Higher disinvestment and asset monetization targets to fund infrastructure growth.
22. Incentives for R&D and innovation spending to promote a knowledge economy.
23. Progressive tax regime to boost compliance and promote equity and transparency.
24. Significant urbanization opportunities from rapid growth in tier-2 and tier-3 cities over the long term.
These 24 areas also give an overview of where the government of India should focus, the industry should incorporate into their business plans, and the common person's demand from the authorities.
Image of the day - real but by a generative AI tool incorporating the 5 basic elements of life on Earth and the quest for us to become sustainable to save our Planet.
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