The Next 500: 21st century belongs to Asia, India to lead, says Meghwal

The current century will be dominated by Asia, with India among the leaders from the continent, exclaimed Arjun Ram Meghwal, Union Minister of State for Parliamentary Affairs and Minister of State for Culture. He was addressing Fortune India’s The Next 500: Breaking New Frontiers event, where emerging companies of the country were honoured.

“The reforms under the Modi government – GST, reduction in compliance burden, faceless assessment, IBC – helped improve the ease of doing business ranking, and brought India at 52nd rank in the Insolvency Index in 2020 from 136 in 2017. Creation of unicorns received a filip, Atmanirbhar Bharat, Make in India, PLI schemes for 14 sectors, Gati Shakti project were introduced,” said Arjun Ram Meghwal, Minister of State for Parliamentary Affairs & Culture.

Such developments have established that this century will be dominated by Asia, with India, China, Japan and Eurasia as forerunners, the Union minister stated.

A democratic framework, family unit, philanthropic society, the size of the economy and the ability to help other nations during a black swan event are among the parameters that will determine the leading country among these top nations from the continent, he added.

“We have now entered the era of Industry 4.0, with artificial intelligence, robotics, 3D printing, blockchain, machine learning, NFT, IoT as its pillars. We cannot remain aloof. If the world has entered Industry 4.0, then we too will have to do the same,” Meghwal said.

As we continue to make headway across sectors, this century, which belongs to Asia, will be led by India, the Union minister said.