Prime Minister Narendra Modi on Friday called for institutional transformation to usher India into a new age of development. Modi said that the definition of development has evolved from just quantity of capital and labour to today include quality of institutions and ideas.
Modi also noted that India needs to harness an outward-looking approach to survive in the global scenario.
Thirty years ago, a country might have been able to look inward and find its own solutions. Today, countries are interdependent and interconnected. No country can afford any longer to develop in isolation. Every country has to benchmark its activities to global standards, or else fall behind.Narendra Modi, Prime Minister
Stressing on the need to bring changes through transformation of governance, Modi said, “We cannot march through the twenty-first century with the administrative systems of the nineteenth century.”
Modi was speaking at NITI Aayog's first Transforming India Lecture. The NITI Aayog will aim to bring policymakers, academics, experts and administrators of global repute to India, for the benefit of policymakers in states and the Centre.
Singapore's Deputy Prime Minister Tharman Shanmugaratnam delivered the first keynote address of this lecture series. Shanmugaratnam stressed on the need for India to develop an export-oriented outlook, citing the example of companies like Sun Pharma.
India needs to grow at 8-10 percent over the coming five years to achieve inclusive growth, and must improve its labour and land acquisition hurdles to encourage the growth of industries, he said.
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