Sign In
Learn bits
Economy
Mahesh

19/12/22 08:25 AM IST

FICCI, McKinsey lays down roadmap to achieve ₹10 lakh per capita income by 2047

In News
  • The Federation of Indian Chambers of Commerce and Industry (FICCI) in partnership with McKinsey & Company has launched ‘India’s Century – Achieving sustainable, inclusive growth’, an initiative that outlines a roadmap to increase per capita income sixfold to ₹10 lakh and achieving 600 million jobs among other objectives.
Recommendations
  • India has made progress on innovation and has jumped from 81 to 41 in World Intellectual Property Organization (WIPO) Global Innovation Index rankings.
  • Sector-focused innovation clusters could enhance the environment for innovation. E.g. Smart mobility and water-adequacy clusters.
  • Scaling up India’s SMEs to grow 1,000 mid-sized and 10,000 small firms into global challengers- Currently, India has a “missing middle”: a dearth of mid-sized firms that typically grow into formidable competitors for large companies.
  • Easier access to low-cost capital
  • Simpler one-stop processes to start and run their businesses
  • Support for resources they cannot always afford to hire, such as in-house lawyers and company secretaries.
  • The India’s Century initiative provides a practical roadmap for 10 industry sectors and the capabilities required to deliver sustainable and inclusive growth for our country.
  • In agriculture, the paper has set a target of doubling the levels of exports and food processing through scaling up the infrastructure, enhanced R&D/innovation and establishing digital export platforms.
  • In terms of manufacturing, the roadmap has envisioned triple high value exports and drive down import manufacturing by developing port proximate clusters for high growth sectors, scaling digital/software-enabled manufacturing and positioning India as a green manufacturing capital with industry aligned standards and practices.
Short-term Measures
  • Strengthen the digital landscape across high-potential sectors with pilot initiatives
  • Establishing the “hospital of the future” with digital patient flow management systems and centralised medical resource management platforms
  • Agriculture- piloting Agri Stack projects
  • Catalyse innovation across India and accelerate entrepreneurship and breakthrough ideas by rolling out three innovation clusters across clean energy, smart mobility and water adequacy
  • Accelerate the adoption of existing digital capabilities by encouraging a 90 per cent adoption rate of the GeM portal
  • Roll out structured training programmes and ventures in collaboration with industry bodies and education technology (ed-tech) companies to provide an additional three to four million people with skills
  • Drive water sustainability with industry campaigns for net-zero consumption commitments and adoption of water-efficient practices such as ZLD technology, industrial water efficiency.
Source- Live Mint

More Related Current Affairs View All

05 Mar

First-ever comprehensive survey of India’s river dolphins

'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

Read More

05 Mar

Arresting women at night

'The Madurai Bench of the Madras High Court in Deepa versus S. Vijayalakshmi and Others ruled that the legal provision in the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, which

Read More

05 Mar

Digital Personal Data Protection Act, 2023

'The Ministry of Electronics and Information Technology (MeitY) looking to wrap up public consultations on the draft Rules for the Digital Personal Data Protection Act, 2023 by Mar

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps