Mumbai, February 14 (IANS). The country needs to focus on 10 priorities to achieve the Developed India 2047 goal. This includes creating a future-ready workforce, enhancing manufacturing competitiveness and strengthening MSMEs. This information was given in a new report.
The first step to building a future-ready workforce is to implement a continuum of education, skills development and employment, expand apprenticeship programs and build deep technical capacity so talent can be job-ready in manufacturing, services and emerging technologies, the KPMG report said.
The report highlighted steps to make manufacturing globally competitive by localizing components, adopting Industry 4.0, increasing factory productivity and closely linking clusters with exports and quality standards.
The report suggested that small and medium enterprises should move towards expansion rather than survival through cash flow-based credit, cluster-based productivity programmes, adoption of digitalisation and structured export incentives linked to key supply chains.
Other priorities include improving trade competitiveness with integrated infrastructure and export diversification.
“Translate asset creation into system-level productivity by developing multi-modal corridors, improving last mile and industrial connectivity. Build corridor-based export ecosystems, leverage free trade agreements (FTAs) and CEPA with sector-specific action plans, and strengthen supply chain resilience in critical value chains,” the business advisory firm said.
Furthermore, the firm called on policymakers to accelerate public transport-led growth, strengthen municipal finances, expand affordable housing and plan integrated urban areas to make tier II and III cities the hub of the country’s growth.
“Expand social protection for informal workers, professionalize care infrastructure, and increase women’s workforce participation to ensure broad-based growth,” the firm said.
It stressed the need to attract private capital to improve the quality of public expenditure, strengthen revenues at the Centre, state and city levels and move towards results-based budgeting supported by digital tracking.
Yezdi Nagporewala, CEO, KPMG India, said, “India has established a strong foundation, and the focus is now on execution by converting investments into greater productivity and resulting competitiveness. Our country’s growth will be driven by deep manufacturing capabilities, skilled talent, strong small and medium enterprises, efficient infrastructure and future-ready cities.”
–IANS
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