In 2021, Prime minister Narendra Modi used the word “Amritkaal” in his speech to address the golden period from 75th to the 100th year of independence. According to the prime minister, Amritkaal’s goals are to improve Indians’ quality of life, bridge the gap between rural and urban development, limit government meddling in citizens’ lives, and adopt the cutting-edge technology.
To commemorate the 75th year of independence, India is celebrating Azadi ka Amrit Mahotsav. India has advanced considerably as a nation by overcoming all growth barriers and has dominated every sector in these 75 years and today, India’s economy is one of the fastest growing economies in the world. The fact that the Indian economy is expanding while the world’s greatest economies are contracting heralds a new era in which India can transform itself into a developed nation. Amritkaal is an ominous time for beginning something new and a time of limitless opportunities. In the financial Budget 2022-23, the Government of India has focused on long-term projects of India@100. The major initiatives are PM GatiShakti, Inclusive development, productivity enhancement, energy transition, climate action, and financing of investments.
Good infrastructure is the true driver of growth of the country and PM GatiShakti is one of the great initiatives to improve the country’s infrastructure where the government has a target to build 25000 km of roadways in 2022-23, development of dry ports across the country to reduce the logistic cost which will increase the profitability of the ventures. Launching Central Bank Digital Currency (e₹) can revolutionize the Indian economy.
Agriculture sector has emerged as a savior of the economy during the pandemic, and it has an important role to play in the country’s development. This sector has registered a growth of 3.9% in 2021-22. The introduction of drones in agriculture, Public-private Partnerships (PPP), and the development of FPOs will help accelerate the sector’s growth.
The startup sector is booming as entrepreneurship has become the new trend in India. The government’s efforts to provide fertile ground for startups is one of the major interventions that has helped entrepreneurs pursue their dreams. Be it the availability of credit, consultancy, or training, the government has provided everything through the incubation centers. As a result, India ranked 3rd in the number of unicorns (107 unicorns) after US and China with a valuation of $340 billion. India has decacorns like Flipkart, Oyo, Paytm, and Byju’s which have crossed the $10 billion mark. Indian ventures have established themselves in the market but stagnant productivity and efficiency in operations are the major problems for Indian startups.
India has truly entered “Amritkaal: an era of its sheer growth” where India is growing by learning and improving. Ventures have a very crucial role in India’s development. Indian ventures should focus on improving their efficiency and productivity to sustain themselves in this competitive market. Even though there is still a long way to go, India is on the right track.
