The Economic Advisory Council to the Prime Minister (EAC-PM) has released the “Competitiveness Roadmap for India@100,” which will direct India’s journey to becoming a higher-income economy by 2047, when the nation will celebrate its 100th year of independence.
- The roadmap, which is a component of the India Competitiveness Initiative, will assist in the development of roadmaps for certain Indian states and industries.
Dr. Bibek Debroy, Chairman, EAC-PM; Amitabh Kant, India’s G20 Sherpa and Sanjeev Sanyal, Member, EAC-PM, were present at the event.
Significance
The roadmap envisions establishing new guiding principles for India’s growth journey over the next few years, as well as directing various States, Ministries, and partners in India’s growth to draft sector-specific roadmaps for accomplishing specific targets.
- It is a joint effort of the EAC-PM and the Institute for Competitiveness (IFC), and was created by Dr. Amit Kapoor, Chair of the IFC; Professor Michael E. Porter, and Dr. Christian Ketels of Harvard Business School.
Competitiveness Roadmap for India@100
i.The competitiveness framework created by Professor Michael E. Porter serves as the foundation for the Competitiveness roadmap for India@100.
ii.The India@100 roadmap, which is based on competitiveness strategy, lays the path for India to achieve high income status by 2047 by implementing sector- and region-specific policies based on the “4 S” principles.
- The competitiveness strategy emphasizes productivity as a source of sustained prosperity.
iii.The “4 S” guiding principles emphasize the need for prosperity growth to be matched by social progress, to be shared across all regions of India, to be environmentally sustainable, and to be solid in the face of external shocks, thus redefining the approach to achieving prosperity.
Key Points
i.The roadmap forecasts that India’s economy will reach USD 20 trillion by 2047, assuming average annual growth between 7 – 7.5% over the next 25 years.
ii.The competitiveness framework that underpins the roadmap provides a strategic viewpoint on how to transform the diagnostics on a country’s competitiveness principles into valuable insights.
iii.It will be the bedrock of India’s economic and social policies in order to sustain long-term economic growth.
iv.It provides a complete diagnostic assessment of India’s current competitiveness level, the key issues faced, and growth potential.
Panel Discussion
The launch of the “Competitiveness Roadmap for India@100” featured a panel discussion with members of the initiative’s stakeholder group.
The panellists are: Akshi Jindal, CEO, Barmalt Malting (India) Pvt. Ltd., Ashish Jhalani, MD, Square Panda, Gurcharan Das, Author, Hari Menon, Director, India Country Office, BMGF, Himanshu Jain, President, Indian Subcontinent, Diversey, Ravi Venkatesan, Chairman, Global Energy Alliance for People and Planet, Sumant Sinha, Chairman & MD, ReNew Power.
Recent Related News:
In May 2022, Dr. Bibek Debroy, Chairman, EAC-PM, released the State of Inequality in India Report, which was written by the Institute for Competitiveness. It provides a comprehensive analysis of the depth and nature of inequality in India. The report compiles data on inequality in the health, education, household characteristics, and labour market sectors. It’s an assessment of both inclusion and exclusion.
About Economic Advisory Council to the Prime Minister (EAC-PM):
EAC-PM is an independent body constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister.
Chairman – Dr. Bibek Debroy
Headquarters – New Delhi, Delhi.
