Of what use is a goal if it is not ambitious? And of what use is ambition if not achievable? So yes, at current levels of growth Viksit@2047 seems unachievable, but two and a half decades is a long time. Over time, we will have better human capital, access to better technologies, and greater knowledge. Therefore, rather than lowering the target, we need to prepare for higher growth in the future while prioritising elements that just cannot be delayed.
Note that in an ideal world, India needs to achieve many things, and the sooner we do that, the better it would be. Well-known among them include controlling the fiscal deficit, improving human capital, and implementing reforms related to land, labour and capital markets. While all of these, and a few others, are important, I ask the following question: What must the government do now that cannot be delayed even by a year? These, obviously, have to be changes that take time to play out, and after some muddling through, I narrow it down to two key areas of focus.
This story is from the October 15, 2024 edition of Business Standard.
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This story is from the October 15, 2024 edition of Business Standard.
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