INDI A

SINGAPORE

M A L AY S I A

Notion Press Media Pvt Ltd No. 50, Chettiyar Agaram Main Road, Vanagaram, Chennai, Tamil Nadu – 600 095 First Published by Notion Press 2021 Copyright © Shri Suresh Prabhu 2021 All Rights Reserved. ISBN 978-1-68509-661-8 This book has been published with all efforts taken to make the material error-free after the consent of the author. However, the author and the publisher do not assume and hereby disclaim any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from negligence, accident, or any other cause. While every effort has been made to avoid any mistake or omission, this publication is being sold on the condition and understanding that neither the author nor the publishers or printers would be liable in any manner to any person by reason of any mistake or omission in this publication or for any action taken or omitted to be taken or advice rendered or accepted on the basis of this work. For any defect in printing or binding the publishers will be liable only to replace the defective copy by another copy of this work then available.

Roadmap for Five Trillion Dollar Indian Economy A compilation of an extract from various lectures of By Mr. Suresh Prabhu

B As the world is moving towards a new normal – Post Covid-19, where India is making a level playing field to compete with the Global Economies, Hon’ble Prime Minister Shri Narendra Modi is taking several steps to achieve the goal of 5 Trillion Dollar Economy. This book is a humble effort to document the lecture series of Shri. Suresh Prabhu during the Covid-19 Pandemic and make it a worthy reading book. No doubt, the impeccable knowledge of Shri. Suresh Prabhu in various topics/areas proves his sound expertise. Undoubtedly Shri. Suresh Prabhu ji is a gem and it is a real blessing for me to receive this opportunity to do this work. I thank Shri. Murari, Sr. Journalist for reviewing the contents. His contributions are remarkable. I also thank Mr. Mahesh, Economics Teacher in a Private School and my wife Ms. Swetha – who helped me in this small journey! I thank the team at Delhi from the office of Shri. Suresh Prabhu for their constant motivation and support! While as an academician my interest is to become an author, I consider this as my humble beginning. Finally, I thank Shri. Suresh Prabhu for the kind opportunity. Happy Reading! S Sundar Raman 15th October, 2021 Chennai

Contents

1.

Importance of Health Care and Nursing ........................................7

2.

Restarting Business in the Wake of Covid-19 ...............................11

3.

India-Korea Business Ties.............................................................17

4.

India’s Way Forward: Policy, Challenges & Geopolitics ................21

5.

India’s Bamboo Industry ..............................................................29

6.

Trade Prospects for the Next Five Years ........................................33

7.

Indian Aviation Fallout & Future .................................................37

8.

Interlinking of Rivers ...................................................................41

9.

Trade Relations & Strategies to Combat Covid-19 .......................45

10.

Multilateralism.............................................................................49

11.

Logistics & Railways – Future Roadmap ......................................53

12.

New Model of Rural Development ..............................................57

13.

The Dawn of New india ..............................................................61

14.

Strategic Relationship between India & Africa .............................65

15.

Covid Global Scene .....................................................................69

16.

Decoding the Future – Business in the Post Covid-19 Era ...........73

17.

Navigating Policies in Politics.......................................................77

18.

Urban Rural Divide in the Covid Era...........................................83

19.

Transparency for Inclusive Growth ...............................................87

20.

Banks, NBFCs, Capital Markets ..................................................89

21.

Regional Integration & Community ............................................93

6

Contents

22.

Atma Nirbhar MSME & Make in India.......................................95

23.

India and Gulf .............................................................................97

24.

Governance at the Time of Pandemic ...........................................99

25.

Economy, Investment & Trade ...................................................103

26.

Shaping Sustainable Business .....................................................107

27.

Towards a Greener & Sustainable Tomorrow .............................111

28.

Bottom up Growth ....................................................................113

29.

Intellectual Property Global Value Chains for Indian SMEs .......115

30.

Australia – India Strategic Dialogue ...........................................119

31.

MSME – Re-Boot Amidst Covid Head Winds ..........................121

32.

Innovation, Start-ups and Skill Development .............................123

33.

Insurance Industry in Current Market & Post Covid .................125

34.

Impact of Covid-19 on Indian Economy ...................................127

35.

Role of Agriculture Engineers to Benefit Farmers .......................131

36.

Diversify to Differentiate: Think India Think Next....................135

37.

Impact of Covid-19 on Indian Logistics Industry & Roadmap to Recovery..............................................139

38.

Oxygen Debit. Carbon Credit ...................................................143

39.

Green Growth & Self Reliance – Challenges & Opportunities ...145

40.

Energy Storage Manufacturing Roadmap for India ....................147

41.

Need for Strategic Focus on Sustainable Development ...............149

42.

International Solar Alliance ........................................................151

43.

How Resilient is the Indian Economy in the Current Scenario? ...153

01

Chapter

Importance of Health Care and Nursing

# Extract from the speech given at the Indian Nursing Council on World Health Day – 7th April 2020

T

he present times do not call for celebration because we are all concerned about the Covid-19 pandemic.

More than a hundred countries are affected by the coronavirus and everybody is at risk; at even greater risk are our healthcare workers. So, it’s really a worrying time. I’m sure we will be able to tide over it with the combined will of all of us and with the strength, resilience, dedication, and commitment of medical professionals, particularly nurses and midwives. They provide the human face to patients when they fight for their lives. We can use technology for certain aspects of medical care. Telemedicine is becoming more and more popular. But even if we have telemedicine, somebody will have to deliver to the patient. Who will do that? That’s the job of a nurse. She nurses the patient, nurses the wound and eases the pain. That way nurses play a critical role and they will continue to do so as we go along. Thanks to the epidemic becoming a pandemic, the focus has come back to public health again. We always ignored it at our own peril.

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Roadmap for Five Trillion Dollar Indian Economy

Most of the developed countries are facing the challenge of public health more than the developing and the under-developed. As we always say, “Any disease is a great leveler,” which has brought to the fore an important aspect. Health is important, but public health is even more important. To make the public health delivery system more efficient, we will have to focus on it for years to come. Globally, WHO has been saying that the United Nations has passed a resolution that we must spend far more on public health than what we have been doing. Investment in public health will be necessary not just in hospitals and technologies, but in human capital too. Investing in the development of nurses and midwives will be critical. Therefore, we must train and upgrade them properly. We should also ensure that they go up in their career as they risk their lives to save others. However much we may advance in science, we will not be able to eliminate the human contact that a patient has with a nurse and other healthcare professionals. Therefore, healthcare workers are very important. I am in Parliament for my sixth term. I have handled ten cabinet positions, now I’m your guardian because I’m on the standing committee of health in Parliament. Take me as a champion of your cause. I am not doing a favour to you because some day I too may need your support. In fact, my wife, who is the chairperson of the organization called ‘Manav Sadhan Vikas Sanstha’, has been running a nursing school for

Importance of Health Care and Nursing

9

25 years and therefore she has first-hand experience. Besides, she continues to pursue this cause as a prominent journalist for many years. I would really look forward to working with you all. I hereby pay my humble tributes to all the nurses in the world, particularly my sisters in India. I assure you I will be with you in all the times to come.

02

Chapter

Restarting Business in the Wake of Covid-19

# Extract from the lecture given to United Nations Industries Development Organization (UNIDO) on May 1, 2020

I

congratulate UNIDO for organizing this event. We are going to discuss how the world should go back to business as usual after the Covid-19 pandemic. As we all know, the world is shut, the skies are empty. So are roads and railway tracks. Shops and businesses are closed, but our minds remain open. We can think about what’s the best way to deal with this health emergency. Those who are affected health-wise are suffering. Those who have taken preventive steps like you and me are also affected, because we are confined to our own homes and our normal activities are affected. We are thinking of how, when the whole world opens, we should take advantage of what will be the new world order that is going to emerge out of this pandemic. Small industries are the most vulnerable because of their size, scale of operations, limited financial, managerial, and administrative resources. They find it difficult to survive even in normal times. Now they simply do not have the capacity to deal with this new crisis. These small units need to find out how they can survive and grow. During the great financial crisis in 2008 when big banks collapsed and the poor were badly affected, the West felt these banks were too big to fail and that they should be protected. I was in an SME forum in the US and

12

Roadmap for Five Trillion Dollar Indian Economy

I said at that time that they were protecting them, but the small industry is even more vulnerable and that they must take care of them too. Small scale businesses support their large-scale counterparts by being the starting point of that supply chain. They are supplying that critical input for economy. Therefore, making small-scale industries survive is the most important part of a public policy. I am happy that UNIDO is launching this program: a knowledge portal to guide the small-scale industry and expose them to new realities by sharing the best practices with them from different parts of the world. I congratulate UNIDO for its phenomenal job in strengthening the ability of the small industry to deal with any emergency. In fact, when UNIDO was born, colonial rule was ending and those who benefitted from the industrial revolution sold their products in their colonies and were retreating. At that time there was a need to support developing countries. Over time UNIDO has reinvented itself and it is now dealing with issues relating to energy, environment, waste management and productivity in a remarkable manner. I am saying this with my personal experience. I was the senior advisor to the Director General of UNIDO in Vietnam. When Carlos Magariños was the Director General, I was the Indian Minister of Industry and Commerce, and that was why I was also responsible for UNIDO. I am also the Minister for Heavy Industry and Public Enterprises. I have dealt with UNIDO in many forums in my capacity as Minister for

Restarting Business in the Wake of Covid-19

13

Auto Policy, Energy and Environment, as well as Minister with Chemical and Fertilizer. From my personal experience, I know UNIDO has done a remarkable job. In India, we are now working on launching an important initiative to help small, tiny, and micro sectors. First, given the visibility in the economic landscape of the world in exports and employment, the contribution of the small-scale industry is far better. In fact, large companies around the world acquire smaller companies because they know innovation happens there. So, I request the UNIDO group to work on coordinating visibility. Number two, small industries have capability but not always the ability to take it to its logical conclusion. They need a lot of support. So as the Commerce Minister I have the pleasure to organize, on 6th of December, the first-ever round table. We have invited global funds to come to India to help the small industries. But regulations are outdated more often than not. Why? Because regulations are framed with a particular age, a particular time span in mind. Start-ups are successful because they don’t age. So, we need a regulation to understand this and I think UNIDO can play the role of a neutral body. Since UNIDO is part of the United Nations, it can play the role of a guardian, a guide for both regulators as well as the industry and try to come out with a new age regulation. Like a model regulation for finance, health care etc. However, regulations must capture the realities of today and that is where UNIDO can play a very useful role.

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Roadmap for Five Trillion Dollar Indian Economy

Small industries need technological input, especially start-ups. Even those who are doing other businesses also need technology for them to succeed in the future. Another important part is creating new supply chains and adding new value chains. India has been a beneficiary as well as a creator of new supply chains. Companies involved in generics are not only making formulations but also developing new drug delivery systems, new molecules, so they are really climbing the value chain. I think in the post covid era, there will be new supply changes in the market and UNIDO can train small industry partners in creating supply chains. The other part is financing. UNIDO should organize a structured programme for financing small-scale industries because they normally work on borrowed money, consequently, their liquidity ratio is low. Their working capital requirement comes from banks. But for their equity and sometimes for their own term date, they go to private or to other individuals. Maybe we can prepare a system where they can meet each other in a portal and add some dimension to that. I think the future world will have mainly environmental issues. The world has realized the perils of not paying enough attention to environmental change. We are not changing the energy mix adequately, not dealing with human waste, municipal salt waste, etc. Guidance from UNIDO will be useful for businesses to deal with such issues. What I really need is moral, physical, financial, and technical support. I know UNIDO is not a financing agency, but it can facilitate by bringing people together.

Restarting Business in the Wake of Covid-19

15

I look forward to this portal acting as a new engine for the small scale industry. It should be the point of the first call. If you have any problem, just click the portal, and see what the solution is.

About UNIDO UNIDO stands for the United Nations Industrial Development Organisation. UNIDO has 170 member states and focuses on promoting industrial development for reducing poverty, inclusive globalization and environmental sustainability.

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