Competitiveness Roadmap for India@100

Competitiveness Roadmap for India@100

Subject: Economy

Context

A 7-7.5 per cent real economic growth can make India an upper-middle income ($10,000 per capita income) country by 2047, Bibek Debroy, Chairman, Economic Advisory Council to the Prime Minister (EAC-PM), said at the release of ‘The Competitiveness Roadmap for India@100’.

Details:

• India is now a lower-middle income country with average prosperity levels at $2,000 ($7,150 at purchasing power parity).
• A 7-7.5 per cent real economic growth can make India an upper-middle income ($10,000 per capita income) country by 2047
• The growth rate needs to accelerate to 8-8.5 per cent to make the country a higher income nation ($12000 per capita income).

Competitiveness Roadmap for India@100. 

• The India@100 document released  by the Economic Advisory Council to the Prime Minister (EAC-PM) .
• It will serve as a roadmap for India’s ascent to its centenary year and will inform and direct the country’s path to higher income status by 2047.
• It is based on the Competitiveness frameworkwhich  puts forth the idea of productivity as a driver of sustained prosperity.
• It  guides the way for India to become a high-income country by 2047 through sector-specific and region-specific policies based on the ‘4 S’ principles– social progress, to be shared across all regions within India, to be environmentally sustainable, and to be solid in the face of external shocks
• The competitiveness framework underlying the roadmap offers a strategic perspective on how to translate the diagnostics on a country’s competitiveness fundamentals into actionable insights.
• It offers a thorough diagnostic assessment of India’s current competitiveness level, the primary challenges faced, and opportunities for growth.
• The roadmap suggests essential areas of action, including improving labour productivity and enhancing labour mobilization, boosting the creation of competitive job opportunities, and improving policy implementation through greater coordination across different ministries.