A recent report by KPMG in India has identified 10 key priorities for India to achieve the vision of ‘Viksit Bharat’ by 2047. The report emphasizes the importance of developing a future-ready workforce, enhancing manufacturing competitiveness, and supporting MSMEs. One crucial aspect highlighted is the need to align talent with job requirements across various sectors through education, skilling, and technology adoption.
To enhance manufacturing competitiveness, the report suggests strategies such as localizing components, embracing Industry 4.0, and improving factory productivity. It also stresses the significance of supporting MSMEs in transitioning from survival mode to scale mode by focusing on credit accessibility, productivity programs, digital adoption, and export facilitation.
Additionally, the report underscores the importance of integrated infrastructure development and enhancing trade competitiveness through export diversification. It calls for the creation of export ecosystems, leveraging trade agreements, and strengthening supply chain resilience in critical sectors. Policy recommendations include accelerating transit-led development, expanding affordable housing, and enhancing social security for informal workers.
The report also emphasizes the need to attract private capital, enhance revenue generation at various governance levels, and adopt outcome-based budgeting with digital tracking for improved public spending quality. Yezdi Nagporewalla, CEO of KPMG in India, highlighted the importance of leveraging India’s foundational strengths to drive productivity, competitiveness, and sustainable growth.
