The Economic Survey tabled in Parliament on Monday advocates the collaboration between Centre, State and private sector to achieve the growth rate of 7 percent.
Building on the structural reform undertaken over the last decade can grow India’s economy in an unprecedented way
In order for the structural changes of the past ten years to produce robust, sustainable, equitable, and inclusive growth, the government’s future priorities must center on bottom-up reform and fortifying the governance infrastructure, according to the statement.
“The medium-term growth outlook will happen in the context of the following global trends, namely, increased geo-economic fragmentation, a global push for self-reliance, looming climate change, rise of technology as the biggest strategic differentiator and limited policy space for countries across the world,” the survey observes.
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It identifies several critical areas of policy focus that government must address in the short to medium term. It includes developing skills and jobs; realizing the full potential of the agriculture sector; resolving bottlenecks for MSME’s; overseeing India’s green transition; skillfully handling the Chinese dilemma; expanding the corporate bond market; addressing inequality; and enhancing the health of our youth.
Additionally, the survey suggest that there should be extra work to boost the investment in private sector. This is first key area for growth strategy of ‘Amrit Kaal’.
MSME stands second in the list of key areas to be focused on growth of ‘Amrit Kaal’. Economic Survey puts potential of Agriculture as an engine of future growth in the list aforementioned.
Fourth, Financial security of India’s green transition is a must.
Fifth, there is a need to close the employment-education divide. The economic study concludes by saying that concentrated state capacity and capability creation is necessary for India’s progress.
