India needs an integrated economic and social development program for the next two years, says Christian Ketels

The Economic Advisory Board to the Prime Minister has released the India 100 Competitiveness Roadmap. It is a blueprint for the next 25 years for India, leading up to 2047. The roadmap road shows the way for India to become a high-income country through sector-specific and regional policies based on the principles of the ‘4S’.

The first speaks of prosperity combined with “social” progress. Second, growth must be “shared” across all regions. Third, to be ecologically “sustainable” and fourth, to be “robust” in the face of external shocks.

The report says these four guiding principles pave the way for India’s resilient and holistic development as it celebrates 100 years of independence. The roadmap offers an in-depth diagnosis of India’s current level of competitiveness, key challenges and opportunities for growth.

In an interview at CNBC-TV18Christian Ketels, a Harvard Business School professor and co-author of the Competitiveness Report, said India had shown strong growth over a long period, but warned that returning to a trajectory of growth was not enough. pre-COVID type growth.

“India is one of the 10 to 15 countries in the global economy that have done really well over long periods in terms of growth performance. However, trying to return to the pre-COVID type of growth trajectory is not enough. So, in the report, we have tried to identify the priorities that Indian policymakers should think about if they want to not only roll back but even accelerate growth,” he said.

Ketels added that India should pursue an integrated program of economic and social development over the next two years.

“It’s not just about GDP, it’s important that Indian society and societies around the world expect more than just GDP. They want to have opportunities for all regions of the country, they want to ensure that progress in GDP goes hand in hand with social progress and better living conditions and this is the key element of our report. We therefore feel that this is not just a basic economy, but an integrated economic and social development program that India should pursue over the next two years.

Amit Kapoor of the Institute for Competitiveness and co-author of the Competitiveness Report, said India must reduce inequality by creating the most suitable jobs in the country.

“One of the ideas we have is to focus on job creation. Second, we need to enable social policies and third, we need to strengthen markets because we need more competition. India also needs to find a way to build a much bigger set of businesses than what we are doing today. So you have to create this ecosystem of entrepreneurship where we are able to build businesses,” Kapoor said.

Watch the video to learn more.

Joel C. Hicks