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ETVBHARAT
  • 1/11/2025
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Transcript
00:00We today are having an economy which has a very strong foundation, which is today growing
00:10at 6-8% real growth and what I can tell you with great degree of confidence is that this
00:19is going to be a consistent growth for the next few years and the reason for that is
00:26this is a very well thought through, well calibrated strategy why we are having this
00:32growth and why this opening slide is important is when we want to achieve that 10 trillion
00:38dollar goal, we need to have a consistent compounding growth over the next few years
00:45that's the only way we can achieve that 10 trillion dollar goal, right?
00:49So that's why it's very important to have the consistent growth.
00:53This band combined with very moderate inflation under control, we have our own structural
01:00issues with combining all those structural issues, having inflation within a 4-6% band
01:08is something that we are targeting and I can say again with a reasonably high level of
01:14confidence that we will be achieving consistent growth 6-8% with moderate inflation in the
01:224-6%.
01:26This combined with a very healthy balance sheet, I thought I will do the serious stuff
01:32right in the beginning.
01:34So combine that with a very healthy balance sheet, today our balance sheet when we look
01:40at global, the rich world and if you look at the balance sheet of the rich world, you
01:46will find this curve going like zoom up, right?
01:51But in our case, our balance sheet is so well balanced, today the central government's liabilities
01:57are only about 57-58% of the GDP.
02:03So the three factors combined, consistent growth, moderate inflation and healthy balance
02:14sheet.
02:15These three things make us very clearly positioned to have a good consistent growth over the
02:22next few years so that we can achieve the 10 trillion dollar goal.
02:27Now what's the thought process behind it?
02:29The thought process behind this achievement or this path that we are following today.
02:57The thought process behind this is basically a thought process, a strategy which is based
03:11on four pillars.
03:12Pillar number one is investment in infrastructure, pillar number two is huge focus on inclusive
03:19development, pillar number three is manufacturing and innovation, pillar number four is simplification.
03:26And all this is based on the base of technology.
03:31This is the, in a nutshell, the way our economic thinking, the way our economic policy is structured
03:38today.
03:39I'll come to these four pillars one by one.
03:42Ek hi karke in sab ke baad karunga.
03:45Sabse pehla investment in infrastructure.
03:48When I say investment in infrastructure, this doesn't mean only investment in road or
03:55city.
03:56It means investment in social, digital, and physical infra.
04:03All the three categories, physical, digital, and social infra, right?
04:07In Tilove investment, public investment, of a very large magnitude.
04:11And if you look at the magnitude, what used to be just about two, two and a half lakh
04:17crore rupees increased to about four lakh crore.
04:22This is then 5.5 in FY22 and 7.5 lakh, 7 lakh, 50,000 crore in FY23.
04:32Increasing to 10 lakh crore and 11 lakh crore in the current fiscal.
04:37That is the magnitude at which, that is the phase at which infra investment, the public
04:43investment in infra has grown.
04:46Aur iska impact kis tarah se aata hai society mein?
04:50We have to look at, let's say, this year we are going to invest 11 lakh crore rupees
04:55in the economy, right?
04:57The multiplier for our economy...

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