India at 2047 Conclave: Speaking at the event, Montek Singh Ahluwalia said that the goal of making India developed by 2047 cannot be achieved solely by relying on government expenditure or budgetary allocation.

 Economist and former Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia, addressed the 'India @ 2047Conclave Building Bharat' organised by ABP Network. He spoke on 'Reviving PPP - Reimagining Infrastructure Financing', with a specific focus on the future of Public-Private Partnership (PPP) models and infrastructure funding in India.

Modernization of the PPF model

Speaking at the event, Montek Singh Ahluwalia said that the goal of making India developed by 2047 cannot be achieved solely through budgetary allocations or government spending. This requires further strengthening the country's infrastructure, such as highways, railways, ports, and digital networks. Bringing these to global standards will also require significant private capital.

He argues that it's impossible to build world-class highways, airports, railways, and smart cities solely with government funding. Trillions of dollars of private capital worldwide is looking for the right investment opportunity. Therefore, the government must formulate policies that will encourage private companies like Ambani, Adani, and Tata to invest in the country's infrastructure.

He also called for reforms to the old PPP model, where private companies shouldered excessive risk. He advocated for a new framework where both risk and returns are shared equally between public and private companies.

Important decisions should be made immediately.

He offered a policy suggestion that the government should not wait for the Union Budget to implement significant and major economic reforms. Referring to the landmark economic reforms of 1991, he said that necessary decisions should be implemented immediately and then discussed in Parliament during the budget period. Referring to the obstacles faced by businesses, he said that the government should reduce the number of quality control orders, as these hinder business expansion.

Increase the scope of GST.

To cover the cost of infrastructure development, he emphasized the need to increase government revenue. To achieve this, he advocated simplifying the GST (Goods and Services Tax) structure and bringing items currently classified as tax-free under its ambit. He also advised accelerating the privatization process of non-strategic public sector undertakings (PSUs) to provide the government with additional revenue for infrastructure funding.

Some important things said by Montek Singh in the meeting

"The goal of 2047 is good, but the dream of a developed India will not be realized without addressing the current crisis."
"Today, India is facing not just a domestic but a global economic crisis." "
The energy crisis has become the most serious global crisis since 1973."
"Even if the US and Iran reach an agreement today, it will take time for the world economy to return to normal."
"It would not be wise to dump reserves to save the rupee."
"India will now have to learn to live with a large current account deficit and declining capital flows."
"There is no transparency in petrol prices; the public is not told the real math."
"When oil was cheap, the government and companies kept the profits for themselves and did not pass them on to the public."
"Petrol subsidies should go directly to the poor, not to the rich."
"Make in India cannot succeed through protectionism alone." "
The Swadeshi model of the 1970s was a major economic mistake for India."
"India should work for the world, not by isolating itself from the world." We have to produce.''
''Our biggest problem is poor logistics and countless government permissions.''
''We have been talking about Ease of Doing Business for 30 years, but no change is visible on the ground.''
''Quality Control Orders have become a kind of economic distortion.' '
''Government regulations and permission systems are preventing the growth of industry.''
''If India has to become developed by 2047, then India needs 9% growth in the next 10 years.''
''Without improving infrastructure and logistics, the target of 2047 will remain just a slogan.''
''The government should listen not only to the ministries but also to external experts and the industry.''
''The weakness of the rupee should not be a reason to be afraid; it should be a reason to increase competition by reducing import duties.''