Huge strides made, but still long way to go
growth rate for the coming decades and increasing percapita income.
Lok Sabha Election Results 2024 Live Updates
Lok Sabha Elections: The biggest winners of the day
The surprising upsets and the biggest losers
While public investments in capex have been rising, private investment must drive India’s growth story. We need investments to rise to 32-35% of GDP to sustain these growth rates. Domestic investment rates, in turn, are financed by domestic savings, which also need to rise. As with consumption, savings are a function of income. So, it is more growth-oriented, and we need policies that can create jobs.
Scale up manufacturing
We will have to move millions out of agriculture into manufacturing for our per capita incomes to rise. The remaining PLI schemes must be operationalised. Implementation of labour laws must also be completed, with rules notified. States must then take the lead in implementing labour reforms. India would require 10 champion states to drive manufacturing and 10,000 manufacturing companies to become large and enhance size and scale.
Outcome-oriented skill development
An industry-led, outcome-oriented ecosystem must be created to increase the relevance of courses and improve employability. Outcome based financing can be leveraged to upgrade vocational institutes. Apprenticeships need to be scaled up big, and promoting degree apprenticeships is a solution. While FLFPR is rising, ensuring that skilling programmes encompass women in sunrise growth sectors is essential. Retooling
