STATES' POLICY CONCLAVE 2019

PHD Chamber of Commerce and Industry (PHDCCI), the National Apex Chamber, has been relentlessly working for the socio‐economic development of Indian States with an axiom, “Strong States Make Strong Nation.” Under aegis of its State Development Council (SDC) and State Chapters, the Chamber essentially carries forward the mission of “Empowering States,” to strengthen India’s federal structure of governance.
To take the momentum further in policy space, the Chamber aspires to stage “one of its kind” initiatives with States’ Policy Conclave 2019, wherein the theme is “Charting a transformational action agenda with “National Ambition and Regional Aspiration”. Since the states’ are at forefront of a defining change that the nation is in process of achieving, PHDCCI aims to contribute its bit by shaping States’ Policy Conclave 2019 on the line where it can be taken as a major idea‐exchange platform for achieving the stated goal.
It aims to support the Prescient Vision and Mission‐inProgress of “Making New India” through strengthening the base of government‐industry interface, by ensuring the best desired outcomes through industrial development in these crucial sectors of economy: Agriculture & Food Processing; Education, Skill Development & Employability; Infrastructure; EoDB, Industry & MSMEs.

The Conclave’s focus on states reflects few noticeable facts. Since India is best seen not as a single economy but as an aggregation of very different state economies, thus no grand dialogue on macro economy is possible without getting in fold the states which form the core of competitive federalism. Remarkably, many of the crucial structural reforms in economy are being carried forward by states.
Concerning significantly to the Indian economy, the states’ have been witnessing major developments in these spheres ranging from social sector to industry and economic growth.

As per an estimate of the International Monetary Fund (IMF), the past 26 years have seen the Indian economy grow more than eightfold in dollar terms between 1992 and 2018. A $293 billion economy 26 years back is a $2.65 trillion one in 2018. Average incomes have also gone up by a factor of six over the same period – from $318 to $1,852.

At the cusp of decisive change, if the collaborative efforts of government and industry could continue with the same momentum or increased pace as envisioned in Union Budget 2019, the next 5‐years will end with making India a $5 trillion economy or even richer where the average Indian citizen would earn $7,100 or more.

As major policy traction, the NITI Aayog Action Plan to boost agriculture, as well as job creation in modern activities, is clearly in sync with what has happened over the past two‐and‐half decades. In the year 2017, the NITI Aayog had set a balanced Action Plan for the next three years – with the ‘fair and square’ aim to provide sound strategic support for individual policies listed out in Action Plan.
To create the roadmap for future progress, the Action Agenda attempts to cover nearly all aspects of the economy. That is on track of attaining the goals figured out with “Making New India,” and the Conclave keeping the constructive bearing with the government and industry spearheads the Campaign to transform the way India perceives governance and industrial development agenda.
A uniquely significant initiative on the government‐industry interface in India, the Conclave supports a robust eco‐system for businesses, by simplifying the official procedures and making them transparent at decision‐making levels, with the greater interface of technology. Also, it proactively supports India’s “Economic Reforms Mission,” with bringing the highest echelons of government and industry at one powerful platform where who’s who of India makes their presence felt.

Since 2014, the economic reforms undertaken at the Centre have been “game‐changing” and the results would reflect in the mid and long‐term growth figures. As per the World Bank Chief Jim Yong Kim, “The reform process has been significant. We think that certainly in the medium and long term, the growth will reflect the seriousness of Prime Minister Modi’s government in making those reforms.”

Indeed, many promised economic reforms made a way through in recent few years. Noticeably, where the marks were made including, Ease of Doing Business (EoDB), Inflation Control, Fiscal Management, Job Creation, Financial Sector Restructuring, Tax Reforms, Digitisation, Securing Identity with AADHAR, Capacity Building with Energy & Infrastructure, Growth in Services, Revival of Manufacturing and Agri & Allied Sectors.

So, India is already moving on the trajectory which will further lead it to the high and sustained economic growth, and that too, superlatively supported by equity and justice emanated through the grace of its remarkable democracy, positive attributes of federalism and success stories from states.
The States’ Policy Conclave 2019 opens‐up immense opportunities for the participants and partners from both the government and industry sides. With unique amalgamation, it’s going to be the most impactful Policy Conclave of year 2019.