What's Happening?
A recent report by KPMG in India outlines ten strategic priorities aimed at achieving 'Viksit Bharat' by 2047. The report emphasizes the need for a future-ready workforce, enhanced manufacturing competitiveness, and the scaling of Micro, Small, and Medium
Enterprises (MSMEs). Key recommendations include operationalizing education and skilling, expanding apprenticeships, and building deep-tech capabilities. The report also suggests localizing manufacturing components, adopting Industry 4.0, and aligning clusters with export standards. Additionally, it calls for integrated infrastructure development, improved trade competitiveness, and the creation of corridor-led export ecosystems. The report stresses the importance of strengthening municipal finance, expanding affordable housing, and planning integrated city regions to drive growth in tier 2 and 3 locations.
Why It's Important?
The strategies outlined in the KPMG report are crucial for India's long-term economic development. By focusing on workforce readiness and manufacturing competitiveness, India can enhance its global economic standing. The emphasis on MSMEs transitioning from survival to scale mode could significantly boost economic resilience and job creation. Infrastructure improvements and trade competitiveness are vital for sustaining economic growth and attracting foreign investment. The report's focus on social security and women's workforce participation aims to create a more inclusive economy. These initiatives, if implemented effectively, could position India as a major global economic player by 2047.
What's Next?
The report suggests that policymakers need to focus on execution by converting investments into productivity and competitiveness. This involves leveraging private capital, strengthening revenue streams at various government levels, and adopting outcome-based budgeting. The successful implementation of these strategies will require collaboration between government, industry, and civil society. Monitoring and evaluation mechanisms will be essential to track progress and make necessary adjustments. The focus will likely shift towards creating a conducive environment for innovation and entrepreneurship, which are critical for sustaining long-term economic growth.
