Sustainable Growth: PK Mishra on India's Economic Vision

Sambalpur (Odisha), Feb 10 (PTI) P K Mishra, the principal secretary to Prime Minister Narendra Modi, on Saturday said that high growth that is not sustainable will not be meaningful.

Addressing the 56th Annual Conference of Odisha Economic Association here, he underlined the significance of attaining sustainable growth while achieving a high growth trajectory.


"High growth that is not sustainable will not be meaningful," Mishra said.


The shift in global supply chains, challenges from artificial intelligence in services, trade and employment, and the challenge of energy transition in the context of reducing carbon emissions are the three significant trends globally, he said.

He also highlighted a few issues for economic research for achieving the Sustainable Development Goals (SDGs).


“Sustainable growth considers economic, social and environmental interdependence with a view to creating a balanced and resilient development model”, he added.


Reiterating the Prime Minister's Vision of India 2047, Mishra said that India should go beyond achieving the desired level of per capita income and be ‘atmanirbhar' in all aspects.


"Women will be leading India's development story. The economy will be more inclusive and innovative while corruption, casteism and communalism will have no place in our national life," he said.


He presented an overview of India's efforts to achieve the SDGs in view of its efforts to become a developed country in the year when the country completes 100 years of its independence.


The PM's Principal Secretary underlined the Government of India's efforts in the last 10 years to achieve sustainable development.


He said that the G20 Presidency led by India was recognised globally for its unprecedented scale and success, emphasizing the adoption of new concepts for a sustainable and better future.


The concept of LiFE (Lifestyle for Environment) and global initiatives such as the Coalition for Disaster Resilient Infrastructure (CDRI) and International Solar Alliance (ISA) are significant landmarks in India's efforts to address climate change, he added.


He also hailed second-generation reforms such as the implementation of GST in 2017 and the Insolvency and Bankruptcy Code (IBC), introduction of the Real Estate Regulatory Authority bringing transparency and accountability among others that required a significant investment of political capital than just opening up of the economy.


About the government's focus on infrastructure as a critical aspect of sustainable development, Mishra highlighted initiatives such as the PM Gatishakti and National Logistics Policy that enabled seamless multi-modal connectivity.

"We helped our companies integrate into the global value chain, lowered the direct tax rate, liberalised FDI norms, and introduced production-linked incentive (PLI) schemes to incentivise investment to make India a global manufacturing hub," he said.


The PM's secretary also lauded several initiatives undertaken by government to develop human capital for faster, inclusive and more equitable growth including National Education Policy 2020, PM Awaas Yojana, Jal Jeevan Mission, Ayushman Bharat Programme, Ujjwala Yojana and PM SVANIDHI scheme, underlining the role of social inclusion in sustainable development.


The Principal Secretary discussed at length the conceptual aspects of risk and uncertainty.


“We need to bridge the gap between traditional disaster risk management and risk management in an uncertain environment that also applies to our strategy for sustainable economic growth,” he said.

In line with Nassim Nicholas Taleb's concept of Antifragility, Mishra suggested five pillars in the Indian context to become an anti-fragile country that included Community-level Initiatives, Resilient Infrastructure, Robust Financial System, Social Protection, Sustainable Natural Resource Management.