Government Efficiency & Digital Economy | India 2047

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15 February 2025
09:30 - 17:30
India Habitat Centre, New Delhi

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The initial session of the 100th SKOCH Summit, focusing on “New Dimensions in Inclusive Growth,” laid extensive groundwork for understanding the broader implications of digital and societal changes on inclusive growth. This foundation sets the scene for further exploration into government efficiency and the specifics of the digital economy and regulation.

Key Outcomes from “New Dimensions in Inclusive Growth”

Human Rights and Corporate Responsibility: The session introduced a critical study on human rights within the top NIFTY 50 companies, emphasizing the integral role of human rights in business practices. This focus underscores the need for policies that ensure companies not only chase profits but also uphold human rights, fostering a more inclusive economic environment.
Digital Mental Wellness and Education Reform: Discussions on digital mental wellness and education reform highlighted the importance of addressing mental health through digital platforms and reshaping educational frameworks to better suit the demands of a rapidly evolving job market. These aspects are crucial for sustaining long-term inclusive growth by ensuring that all demographic segments can cntribute to and benefit from economic advancements.
Federalism and GST Reforms: A significant part of the discourse centered on federalism and GST reforms, particularly how these could be optimized to support digital native industries. The emphasis was on creating a tax structure that recognizes the unique needs and contributions of these industries to the Indian economy.
Financial Deepening Beyond Universal Access: While India has achieved universal access to financial services, the discussions identified a need for financial deepening, suggesting that the next steps involve enhancing the quality and reach of financial services to encourage more profound economic participation from all sectors of society.
Digital Transformation and AI: The transition from Digital India to India AI was discussed, stressing the need to harness homegrown AI capabilities. This transition is seen as essential for maintaining and enhancing India’s competitive edge on a global scale

Transition to State of Government Efficiency and Digital Economy and Regulation

Building on the insights from the initial discussions, the next phase of the summit will delve into how these dimensions of inclusive growth influence government efficiency and digital economy regulations:

Enhancing Government Efficiency: The pursuit of government efficiency is seen as a pathway to freeing up resources—both fiscal and operational—that can be redirected towards supporting these inclusive growth initiatives. Efficient government operations can reduce wastage, streamline processes, and potentially lower the necessity for high tax rates by maximising the impact of every rupee spent.
Regulating the Digital Economy: The need for a nuanced understanding of digital products and services in regulatory frameworks was evident, particularly in how different digital services, like gaming, might require differentiated tax treatments based on their societal impact. This nuanced approach could help balance revenue generation with promoting sectors that have high growth potential but lower societal risks.
Expanding the GST Net: By bringing more products and services like registrations and energy under the GST umbrella, the government could increase its revenue without disproportionately raising tax rates. This strategy would support the financial underpinnings required for expansive social and digital infrastructure projects.
Preparation for Law and Economy Discussion: These discussions will culminate in the grand finale focusing on the Law and Economy, which will likely explore the legal frameworks necessary to support these policy recommendations and economic reforms. This session will be crucial for aligning India’s legal environment with its ambitious social and economic objectives.

In conclusion, the 100th SKOCH Summit’s discussions on “New Dimensions in Inclusive Growth” have effectively set the stage for exploring more complex issues of government efficiency and the digital economy. The insights gained here will be instrumental in shaping the policies needed to ensure that India’s growth remains inclusive, equitable, and sustainable, paving the way for the detailed discussions at the grand finale on the interplay between law and economy.