Wanted: Out-of-the-box ideas to make India great again

New Delhi:The commerce and industry ministry is setting up three task forces that will suggest how India can become a $5 trillion economy, plan the use of big data and artificial intelligence in government processes and chalk out the country’s response to the changing dynamics of trade.The composition of the committees will be skewed towards the private sector and academia.“The communication for the composition is likely to go out this week. We are targeting big names and different people in each committee,” an official said.The task force on new age and future technology will deliberate the use of big data, automation and artificial intelligence in government functioning, streamline the country’s data dashboards and mainstream the National eGovernance Plan. Another official said the committees will help generate innovative ideas to prepare the country for Industry 4.0.Commerce minister Suresh Prabhu has said the size of India’s economy will double to $5 trillion economy in the next 7-8 years. The second committee will discuss how this target can be achieved by diversifying services and manufacturing.The minister said earlier the government will facilitate this process, which would be driven by the private sector as it would create new business models to fuel growth in the Indian economy. 65599136 India’s gross domestic product clocked in at $2.6 trillion in 2017, according to the International Monetary Fund’s World Economic Outlook for April, making it the world’s sixth-largest economy.The US, China, Japan, Germany and the UK are ahead of India.The third committee will focus on how India can respond to the changing trade dynamics but is unlikely to touch upon the aspect of multilateral trade and free-trade agreements.The first official said the terms of reference of the panels are being worked out and at least one panel could meet in the next one month.

from The Economic Times https://ift.tt/2NqFZAa