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India’s vision for 2030: The path to achieve the Sustainable
by PRAKASH UPRETI SOCIAL MEDIA MANAGER/ CONTENTIn September 2015, the Sustainable Development Goals (SDGs) were officially adopted by the UN member countries. They replaced the expiring Millennium Development Goals (MDGs). The 17 SDGs are universal and focus on five key elements that are to be achieved by 2030. These include People, Planet, Peace, Prosperity, and Partnership. The SDGs view development to be sustainable economically, socially, and environmentally. Actions need to be taken across a broad range of issues at both the national and international levels for the actualization of the SDGs.
To achieve these goals, public sector funds alone will not be enough. The private sector will also have to play an important role in development. As per the UN, SDGs also call for Domestic Resource Mobilisation (DRM), Energy Subsidy Reform, International Private Finance, tackling the illicit flow of money, and much more. If the major policies of the Indian government were analyzed, it would look like India is moving toward fulfilling these goals. These policies cover all the aspects of the SDGs ranging from DRM to FDI.
India’s policies towards DRM
DRM aims at using the domestic resources more effectively to make the country less dependent on aids such as the Official Development Assistance (ODA). To do so, countries must raise the tax revenue and spend it more efficiently. Indian policies such as Demonetisation or GST are aimed at raising the tax base of the country, thus resulting in a significant increase in the tax revenue of the government. This revenue earned by the government will be spent for the purpose of sustainable development. The government has also found certain efficient methods of expenditure; such as Direct Benefit Transfer (DBT). Through this, people will get the benefits directly into their bank accounts. The Pahal Scheme is one such DBT, which brings efficiency to the government spending on development.
One of the other aspects of DRM includes formalizing the ‘informal’ economy. It is a well-known fact that there exists a parallel informal economy in India, that runs alongside the formal economy. If the government were to formalize the informal economy, then the size of the original ‘formal’ economy will increase and ultimately lead to domestic resource mobilization. Pradhan Mantri Jan Dhan Yojana, Demonetisation, and GST are all examples of this. In the case of demonetization, by giving PAN or Aadhar details while depositing cash, the transaction gets recorded.
The Energy Subsidy Reform, Illicit financial flow; and India
The International Monetary Fund claims that the energy subsidy benefited the rich people because they used Air Conditioners and cars. The economically lower end of the society does not benefit significantly from the energy subsidy.
The government can use this subsidy towards more productive, sustainable development. The SDGs’ call for energy subsidy reform has led to the central government launching many campaigns such as #GiveItUp, LPG subsidy, and Pradhan Mantri Ujjwala Yojana. All these initiatives are directed towards energy subsidy reforms in India.
The SDGs focus on tackling illicit financial flows to other countries. These constitute stolen assets of a country, which could have been used in the home country for the purpose of development. The central government has initiated certain steps to reduce illicit financial flows by engaging in a dialogue with different countries. India and Switzerland signed a new pact last year with regards to the automatic exchange of information about accounts with black money lying around.
SDGs are ambitious. There is a need to engage the private sector in order to accomplish these goals. The World Bank has emphasized on International and Domestic private finance and has suggested that countries must attract private investments in different infrastructural projects. Taking notice of this, the central government has opened many sectors such as Infrastructure, Railway, Defence, Chemicals, Airlines, Insurance and Pension, Asset Reconstruction companies for Foreign Direct Investments (FDIs). The Government of India also launched the “Make in India” scheme. As of April 2016, owing to this, the FDI inflow in India increased by 50%. The Central government has initiated many development-oriented projects in domestic capital markets in order to attract domestic private finance. India has given the green flag to BSE’s INX; a new exchange called “India International Exchange” is now open for domestic investors as well.
India is thus moving towards achieving the SDGs, and it is moving quickly.
India’s vision for 2030: The path to achieving the Sustainable Development Goals.
In September 2015, the Sustainable Development Goals (SDGs) were officially adopted by the UN member countries. They replaced the expiring Millennium Development Goals (MDGs). The 17 SDGs are universal and focus on five key elements that are to be achieved by 2030. These include People, Planet, Peace, Prosperity, and Partnership. The SDGs view development to be sustainable economically, socially, and environmentally. Actions need to be taken across a broad range of issues at both the national and international levels for the actualization of the SDGs.
Implementing the SDG
To achieve these goals, public sector funds alone will not be enough. The private sector will also have to play an important role in development. As per the UN, SDGs also call for Domestic Resource Mobilisation (DRM), Energy Subsidy Reform, International Private Finance, tackling the illicit flow of money, and much more. If the major policies of the Indian government were analyzed, it would look like India is moving toward fulfilling these goals. These policies cover all the aspects of the SDGs ranging from DRM to FDI.
India’s policies towards DRM
DRM aims at using the domestic resources more effectively to make the country less dependent on aids such as the Official Development Assistance (ODA). To do so, countries must raise the tax revenue and spend it more efficiently. Indian policies such as Demonetisation or GST are aimed at raising the tax base of the country, thus resulting in a significant increase in the tax revenue of the government. This revenue earned by the government will be spent for the purpose of sustainable development. The government has also found certain efficient methods of expenditure; such as Direct Benefit Transfer (DBT). Through this, people will get the benefits directly into their bank accounts. The Pahal Scheme is one such DBT, which brings efficiency to the government spending on development.
One of the other aspects of DRM includes formalizing the ‘informal’ economy. It is a well-known fact that there exists a parallel informal economy in India, that runs alongside the formal economy. If the government were to formalize the informal economy, then the size of the original ‘formal’ economy will increase and ultimately lead to domestic resource mobilization. Pradhan Mantri Jan Dhan Yojana, Demonetisation, and GST are all examples of this. In the case of demonetization, by giving PAN or Aadhar details while depositing cash, the transaction gets recorded.
The Energy Subsidy Reform, Illicit financial flow; and India
The International Monetary Fund claims that the energy subsidy benefited the rich people because they used Air Conditioners and cars. The economically lower end of the society does not benefit significantly from the energy subsidy.
The government can use this subsidy towards more productive, sustainable development. The SDGs’ call for energy subsidy reform has led to the central government launching many campaigns such as #GiveItUp, LPG subsidy, and Pradhan Mantri Ujjwala Yojana. All these initiatives are directed towards energy subsidy reforms in India.
The SDGs focus on tackling illicit financial flows to other countries. These constitute stolen assets of a country, which could have been used in the home country for the purpose of development. The central government has initiated certain steps to reduce illicit financial flows by engaging in a dialogue with different countries. India and Switzerland signed a new pact last year with regards to the automatic exchange of information about accounts with black money lying around.
SDGs are ambitious. There is a need to engage the private sector in order to accomplish these goals. The World Bank has emphasized on International and Domestic private finance and has suggested that countries must attract private investments in different infrastructural projects. Taking notice of this, the central government has opened many sectors such as Infrastructure, Railway, Defence, Chemicals, Airlines, Insurance and Pension, Asset Reconstruction companies for Foreign Direct Investments (FDIs). The Government of India also launched the “Make in India” scheme. As of April 2016, owing to this, the FDI inflow in India increased by 50%. The Central government has initiated many development-oriented projects in domestic capital markets in order to attract domestic private finance. India has given the green flag to BSE’s INX; a new exchange called “India International Exchange” is now open for domestic investors as well.
India is thus moving towards achieving the SDGs, and it is moving quickly.
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About PRAKASH UPRETI 
SOCIAL MEDIA MANAGER/ CONTENT
1,557 connections, 41 recommendations, 3,508 honor points.Joined APSense since, December 13th, 2017, From Delhi, India.
Created on Jan 7th 2019 23:05. Viewed 269 times.
