India’s growth model can serve as a template for other nations: CEA Nageswaran
India’s developmental journey within a democratic and federal framework could serve as a model for other nations, according to Dr. V. Anantha Nageswaran, Chief Economic Advisor (CEA) to the Indian government.
Speaking at a seminar attended by South African and Indian business leaders, Nageswaran said, “India, as the most populous country, is striving to become a developed nation while maintaining a democratic and federal governance structure. Our experiences can be valuable templates for other countries, including South Africa.”
He discussed the Viksit Bharat vision, which aims to transform India from a $3 trillion to a $13 trillion economy over the next 25 years, emphasizing infrastructure development, deregulation, and education investments.
“Economic outcomes are influenced by global factors, but our focus is on consistent efforts to achieve Viksit Bharat. The Indian government is laying strong foundations that will drive future growth,” Nageswaran stated.
Highlighting the need for global partnerships, he remarked, “Countries must lean on each other more than ever. We should be opportunistic in forming alliances while maintaining strategic convictions.”
South Africa’s Perspective
Saki Zamxaka from South Africa’s Gauteng Growth and Development Agency highlighted opportunities for collaboration with India, particularly in mineral resources, pharmaceuticals, and medical equipment manufacturing.
“South Africa has minerals essential for India’s growth, and we can export them as part of our mineral beneficiation efforts,” Zamxaka said, adding that Indian companies in South Africa could enhance skill development in key industries.
Trade Relations & Future Growth
India’s High Commissioner Prabhat Kumar noted that India is South Africa’s third-largest trading partner, behind China and the US, but is poised to move to the second position.
“India and Germany are competing for that spot, and in the near future, we can likely become South Africa’s second-largest trading partner in both exports and imports,” Kumar stated.
