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Source: The post is based on the article “EAC-PM Releases the Competitiveness Roadmap for India@100” published in PIB on 30th August 2022.
What is the News?
Economic Advisory Council to Prime Minister(EAC-PM) has released the ‘Competitiveness Roadmap for India@100’ Report.
What is the Competitiveness Roadmap for India@100 Report?
Prepared by: EAC-PM in collaboration with the Institute for Competitiveness and Michael E. Porter and Dr. Christian Ketels from Harvard Business School.
Purpose: To guide the path of India to become a higher-income economy by 2047, when the country will mark its 100th year of Independence.
What are the key suggestions given by the report?
Productivity: The report puts forth the idea of productivity as a driver of sustained prosperity. It emphasizes that a nation is able to provide firms to be more productive and for individuals to be able to participate in the value generated through their productivity.
4S Principles: The report shows the way for India to become a high-income country through sector-specific and region-specific policies based on the ‘4S’ principles.
– In the 4S principles, the first one talks about prosperity to be matched by ‘social’ progress. The second states that growth needs to be ‘shared‘ across all regions. The third is to be environmentally ‘sustainable‘ and the fourth is to be ‘solid‘ in the face of external shocks.
Areas of Action: The report suggests several areas of action such as improving labor productivity and enhancing labor mobilization, developing key Performance Indicators(KPIs) and roadmaps for different industries, boosting the creation of competitive job opportunities, and improving policy implementation.
