Mumbai: India should focus on 10 priorities, ranging from building a future ready workforce to deepening manufacturing competitiveness and scaling MSMEs, to reach the goal of ‘Viksit Bharat’ by 2047, a new report has said.
The report from KPMG in India said the first step of building a future ready workforce calls for operationalising education, skilling and employment continuum, expanding apprenticeships and building deep tech capability so talent is job ready across manufacturing, services and emerging technologies.
The report highlighted moves to make manufacturing globally competitive by localising components, adopting Industry 4.0, raising factory productivity, and aligning clusters closely with exports and quality standards.
MSMEs should shift from survival mode to scale mode through cash flow based credit, cluster led productivity programs, digital adoption and structured export enablement linked to anchor supply chains.
Other priorities include integrated infrastructure and improving trade competitiveness with export diversification.
“Convert asset creation into system level productivity by developing multimodal corridors, improving last mile and industrial connectivity. Build corridor-led export ecosystems, leverage FTAs and CEPAs with sector specific playbooks, and strengthen supply chain resilience in critical value chains,” the business advisory firm noted.
Further, the firm called on policy makers to accelerate transit led development, strengthen municipal finance, expand affordable housing and plan integrated city regions to make tier 2 and 3 locations growth engines of the country.
“Expand social security for informal workers, professionalise care infrastructure, increase women’s workforce participation to make the growth broad based,” it said.
It highlighted the need to crowd in private capital, strengthen Centre, State and city level revenues, and shift to outcome-based budgeting supported by digital tracking to improve the quality of public spending.
“India has established a solid foundation, and now the focus shifts to execution by converting investment into greater productivity and consequently competitiveness. Our country’s growth will be shaped by deep manufacturing capabilities, skilled talent, robust MSMEs, efficient infrastructure, and cities prepared for the future,” said Yezdi Nagporewalla, CEO, KPMG in India.
(IANS)
