The SHRM India Annual Conference and Expo 2024 revolved around the theme "Now is the Time," emphasizing that the future is already upon us. SHRM is dedicated to enhancing the workplace by addressing today's challenges with innovative solutions. This year's conference brought together industry leaders, HR professionals, and policymakers to discuss strategies for creating a better, more sustainable future for the workforce.
Keynote Address by Shri Piyush Goyal
Shri Piyush Goyal, the Minister of Commerce, Government of India, delivered an inspiring keynote address at the conference. He highlighted the pivotal role of human resources in shaping a nation's future and commended the young participants for their energy and dedication. Highlighting the importance of change in achieving prosperity, he acknowledged the fruitful partnership between SHRM and the National Skill Development Corporation. There is a need for bold and decisive actions to create a better future for the country.
India's Economic Transformation and Future Prospects
India's economy has undergone a remarkable transformation over the past decade. Once considered one of the weakest economies, plagued by high inflation, high interest rates, and low investor confidence, India has now emerged as the world's fastest-growing large economy. Contributing 16-17% of global growth, India's forex reserves have surpassed 700 billion dollars, making it one of only four countries with such reserves. He also expressed optimism for India's future, aspiring to become the third-largest GDP in the world.
India's Rapid Growth and Technological Advancements
India's current state was highlighted, emphasizing its young population, demographic dividend, and increasing access to basic needs such as food, clothing, shelter, health, education, and infrastructure. He noted India's rapid technological advancements, including early adoption of 5G and plans to develop 6G ahead of other countries. Shri Goyal emphasized that India is no longer a follower but a leader in areas like mobile connectivity, digital transactions, and sustainability.
India's Sustainable Practices and Renewable Energy Goals
India's commitment to sustainable practices and the circular economy were key focus. The country achieved its renewable energy target eight years ahead of schedule and aims for 500 gigawatts by 2030. This ambitious goal will reduce oil imports, decrease pollution, and promote electric mobility, leading to greater prosperity and lower trade deficits.
India's Rapid Progress and Global Potential
Shri Goyal highlighted India's rapid progress and potential to become a global leader. He pointed to India's emergence as the world's third-largest startup ecosystem, its attractiveness to foreign investment, and its commitment to peace and global engagement. The endorsement of India's ingenuity by the Mastercard CEO and the potential for India to resolve global conflicts were also mentioned. Shri Goyal emphasized the crucial role of the youth in driving progress and the need for continued innovation and new ideas.
Creating a Better Future for India
With rapid changes, the importance of collective efforts to create a better future for India cannot be stressed enough. He highlighted the need for bold and decisive decisions, serious monitoring, and accountability to achieve a corruption-free nation. The session also highlighted the government's initiatives in skill development and continuous reskilling of civil servants. Shri Goyal expressed confidence in India's potential to become a developed nation by 2047, with a GDP ten times its current value and a strong foundation for future growth. He encouraged everyone to align with Prime Minister Modi's vision and mission for India's future.
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