Marching Confidently Into The Next Decade

To implement the vision unveiled in the Interim Budget, a robust, cross-sectoral plan is needed.

- Neel Ratan

WHILE DEFINING INDIA’S VISION for the next decade in the Interim Budget speech, Piyush Goyal, interim finance minister, has set a very ambitious goal for the country to be a $5 trillion economy in the next five years and expects to become a $10 trillion one in the following eight. To successfully implement this vision, it is imperative that a robust and cross-sectoral execution plan is laid out. In his speech, Goyal also identified 10 principles that will lay the foundation for the growth and prosperity of India for the next decade. These principles can be categorised into five key areas i.e., employment and human capital, technology, infrastructure, health and food security, and sustainability.

Let us look at some specific interventions and action plans that can take our nation towards achieving the vision across these five pillars.

EMPLOYMENT AND HUMAN CAPITAL

India will add over 10 million people to its workforce every year for the next two decades. We need to create more than 100 million jobs by 2030 to absorb the growth in the working-age population. Driving grassroots level entrepreneurship in rural clusters by building on local capabilities, leveraging private sector, and keeping the government as enabler will help drive this agenda, and help reverse the rural-to-urban migration. This will create self-sufficient rural clusters and decongest cities. A structured programme supported by the government to develop and foster grass-roots level entrepreneurship at the district or state level will be required to meet the requirements of job creation and employment. The government will also have to play a key role in up-skilling and skill development of the workforce of the future and getting them ready for the fourth Industrial Revolution.