India's Development Journey Can Inspire Global Growth: CEA Nageswaran

India's development experience can be an example for others, Chief Economic Adviser (CEA) V. Anantha Nageswaran told a seminar of South African and Indian expatriate business leaders in Johannesburg. The seminar, which took place on Tuesday, was hosted by the Indian High Commission, the Consulate General in Johannesburg, and the CII India Business Forum, which represents more than 150 Indian companies with investments in South Africa.

Nageswaran pointed out India's singular position as the world's largest democracy, working towards becoming a developed nation in a federal system of governance. "India is a nation with the biggest population attempting to become a developed nation in the context of a democratic polity and also in the context of a federal system of governance. Hence, India's experiences will be extremely useful templates for many nations, including South Africa", he said.

Looking back at India's ambitious Viksit Bharat proposals, Nageswaran was hopeful about the country's economic path. "India will always be a land of excitement, opportunities, and a land where numerous public policy paradigms are developed for other nations to emulate as we move from three trillion to 13 trillion over the next 25 years", he said.

Nageswaran highlighted the need for adaptive partnerships in the current changing world. At no other point in time since the previous world war do nations have to rely on one another as much as they do today", he said, calling on nations to be open-minded in their cooperation. He called on nations to be pragmatic in their alliances, striking a balance between pragmatism and principles. "We must be agnostic and open-minded". We cannot hence decide but be opportunistic in making alliances because the world is currently in churn mode. We are transitioning from one equilibrium to another and we must not get locked into positions", he added.

Nageswaran admitted that although this strategy may appear philosophical, it is also based on realism. "Ultimately, when we have objectives for the economy, we should keep in mind that these results are subject to many factors outside our control. What is in our control is the effort we make to achieve Viksit Bharat", he clarified.

Nageswaran described the Indian government's efforts to set up the pillars for long-term development through the establishment of infrastructure, deregulation, governance reform, and investments in education and training. "Whenever conditions become favorable, these initiatives, including the construction of infrastructure, deregulation, governance reform, investment in education and skilling, and transforming India's MSMEs into a viable part of the economic framework, will ultimately lead to creating the environment for propelling economic growth in the nation towards its vision of becoming a developed country by 2047", he concluded.

Gauteng Growth and Development Agency's Saki Zamxaka named opportunities for cooperation between South Africa and India as mineral resources. "When we're developing our mineral beneficiation, which is where some of the opportunity lies, there are minerals that India needs to grow and we can export", he said.

He also pointed out that Indian businesses doing business in South Africa could play a big role in developing skills, especially in the manufacture of pharmaceuticals and medical equipment, which the nation imports currently. "India being an economy as large as and as powerful as it is, will be instrumental in cooperating with South Africa not against anyone but in broader interests", he went on to say, stressing the importance of multilateral forums such as BRICS in developing closer relations.

India Business Forum (IBF) President Nihar Patnaik brought attention to India's fast-paced progress in all spheres, be it technology or entrepreneurship. "We have been seeing startups and young billionaires coming up from every nook and corner of India", he said, highlighting the changing dynamics in action.

Indian High Commissioner Prabhat Kumar was optimistic about the increasing India-South Africa trade relationship, stating that India is already South Africa's third-largest trading partner after China and the US. "Germany and India are competing for that position. China is massive, but in the near future, we can possibly become number two in export and import with the support of all our people", Kumar added.

The seminar highlighted the huge potential for bilateral development and the importance of capitalizing on India's development model as a role model for other countries to navigate the complexities of the global order. With further cooperation and collective vision, India and its allies could set the stage for sustainable, inclusive development in the coming years.