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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

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