Can you elaborate on the next-gen reforms that the CII believes are crucial for achieving the projected 8 per cent GDP growth in FY25?
Let me start with acknowledging the number of reforms that have been carried out in the last decade or so, which have been driving India’s growth. In our view, some of the next-generation reforms, which can unlock significant growth opportunities and propel India’s growth rate to 8-plus per cent, lie in the domains of land, labour, power, agriculture, and fiscal sustainability. However, these lie either in the State domain or in the Concurrent List. Hence, we are suggesting creation of institutional GST-like platforms for consensus building on these reforms between the Centre and the State governments.
It is imperative to build India’s human capital for inclusive growth and for industry competitiveness. Focus on education, skill development and health have to be a key priority. Public expenditure on education should be ramped up to 6 per cent of the GDP and on healthcare to 3 per cent of the GDP over a period. Currently, less than 5 per cent of India’s workforce has formal skill training. India’s mission should be to have at least 25 per cent of the workforce skilled by 2030.
Investment in R&D needs to be ramped up from the current 0.67 per cent of the GDP to at least the global average of 2.6 per cent of the GDP over the medium term. This is important for India to be able to continue to grow at a rapid pace in the knowledge and technology-based global economy of the future. Trade can be an important driver of India’s growth, and policy needs to focus on deepening India’s integration with the global supply chains. What India needs is to evolve a common overarching strategy promoting investments, facilitating trade and global value chain (GVC) integration, and fostering manufacturing to achieve the best results for economic growth.
Denne historien er fra June 29, 2024-utgaven av BW Businessworld.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra June 29, 2024-utgaven av BW Businessworld.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
MEMORIES & IMPRESSIONS
Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.
The Robotaxi Market
The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.
And the Nobel Prize Goes to AI
The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.
Ola Electrified
Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.
Sharp Slide in Industrial Output on Eve of Deepavali
India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.
Heralding the Solar Era with Sustainable Electrification
RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more
A WELL-GREASED MACHINE
The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh
Disruption Ahead: Beyond Organisation Charts and Structures
ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.