Viksit Bharat needs aspirational thinking and coordinated action
Subscribe to enjoy similar stories. India’s GDP growth of 8.2% in 2023-24, amid global headwinds and market volatility, is more than just an economic indicator. It represents our nation’s resilience and readiness for transformation.
As we chart our course towards becoming a developed nation by 2047, Indian industry’s vision of Viksit Bharat demands aspirational thinking and decisive, coordinated actions across government, industry and all other stakeholders. Our journey towards a $30 trillion economy rests on four transformations: First, making India the next big factory for the world with a robust micro, small and medium enterprise (MSME) ecosystem. Second, accelerating farm prosperity through modernization.
Third, driving sustainability through decarbonization and electric mobility. And fourth, unleashing women-led growth. The magnitude of our challenges matches the scale of our ambition.
In manufacturing, our path is clear. We must achieve self-reliance in 80% of strategic sub-sectors, while expanding our global manufacturing share to 5%. This demands a comprehensive ecosystem transformation focused on the twin objectives of empowering MSMEs with robust quality, safety and sustainable systems, and creating a large pool of skilled manpower aligned with emerging needs, especially in new fields of digital technology like artificial intelligence.
These transformative ambitions demand coordinated policy action. Indian industry is pushing for localization of printed circuit board assemblies (PCBAs), which are critical to electronic devices today. FICCI has submitted a detailed roadmap to the government for localizing PCBAs in various application areas like consumer electronics, telecom, IT, etc.
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