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Youth in India are increasingly finding local solutions for global socio-economic problems: Anurag Singh Thakur

Mar 21, 2023

India targets to become the third largest economy by 2030; Ambition should be to grow at higher rates of 8, 9 or 10 per cent: Amitabh Kant

NEW DELHI, 21 March 2023: Mr Anurag Singh Thakur, Minister of Sports, Youth Affairs and Information and Broadcasting, Govt of India today said that India is diverse, democratic, digital and it is making strides in every sector including science, sports, creativity, environmental, sustainability, innovation and leveraging disruptive technologies. "Youth in India are increasingly finding local solutions for global socio-economic problems. The world is looking at us with great admiration, aspiration and anticipation," he added.

Addressing the 'FICCI Global Young Leaders Summit' (organized jointly with UNICEF and Y20 as Summit Partner), Mr Thakur said that in India, the Y20 platform has been used for people participation and it is an honor for India to host the G20 Presidency. "This is the century of India and Indian youth. This is a historic time where optimism and opportunity are coming together. We need to stand united in order to unleash the true potential of what awaits us in future. Young people are equal stakeholders in the present scenario and are the builders of a better tomorrow for India and the world alike. Your role is today, here, and now," he emphasized.

Highlighting the importance of India's growth journey, Mr Thakur stated that in 2014, India was under the fragile 5 economies but in last 8 years India is now in the first 5 economies of the world. "There is incredible transformation and digitalization happening across sectors, for the world to experience and explore through the voices and views of youth," he added.

Mr Amitabh Kant, Sherpa - G20, Govt of India, while addressing the session on 'Youth and Innovation - Staying Ahead of The Curve', said that India is growing at 7 per cent growth rate and is the fifth largest economy of the world. "We have a target to become the third largest economy by 2030 but ambition should be to grow at higher rate of 8, 9 or 10 per cent. It is very important as the compounding market growth has a huge impact," he added. Mr Kant further stated that India today has around 90,000 start-ups and 110 unicorns and this has happened because India has digitally and technologically leapfrogged in many ways.

Mr Kant also stated that India has seen huge digital revolution because of young entrepreneurs. They are not only innovating for India but for the world population who is moving up from poverty to middle class. "Indian youth must get in the sunrise sectors of growth and the value acceleration will be much more. Start-ups which are well governed, good business model and have transparency and accountability will grow more and attract capital. Start-ups should also focus on not only going digital but also green as climate will be a key issue and valuation, capital will go in those areas where the companies go green," he added.

Mr Kant emphasized that there should be a fund of funds for deep tech and new emerging areas of growth.

Her Excellency Ina Hagniningtyas Krisnamurthi, Ambassador Extraordinary and Plenipotentiary & Head of Mission, Embassy of The Republic of Indonesia in New Delhi said that India will strive and thrive with G20 Presidency and Indonesia is committed to working closely and constructively with India's Presidency.

Ms Cynthia McCaffrey, Representative - India, UNICEF said that India's ambition of reaching $5 trillion economy along with achieving SDGs must include young people.

Mr Shashwat Goenka, Chair, FICCI Young Leaders Forum & Sector Head-Retail and FMCG, RP-Sanjiv Goenka Group said that by harnessing the power of the youth, we can create a future for India. The world is changing rapidly with numerous challenges and youth will have a critical role in this.

Mr Shailesh K Pathak, Secretary General, FICCI delivered the closing remarks.

During the event, Statement of Intent (SOI) was exchanged between FICCI Young Leaders Forum and CNIyef (Confederation of Nepalese Industries Young Entrepreneurs Network). A 14-member delegation from Nepal participated in the event.

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