As the decade draws to a close, Mint invites thought leaders to share five ideas for the future. Ashishkumar Chauhan, managing director and chief executive officer, BSE Ltd, says India needs to achieve and sustain a higher rate of GDP growth in the next decade to meet rising aspirations. He believes India can be a $5 trillion economy by FY24 with structural reforms.
ADMINISTRATIVE AND LEGAL REFORMS
Ease of doing business is severely constrained by the inability to enforce contracts or laws, costly litigation processes, and archaic legislations. There are 429 different types of scheduled employments that have created more than 1,200 minimum wages. To overcome this hurdle, bold reforms in administrative, land, labour and legal space is needed to reduce the cost of doing business, and propel India to the next stage of growth.
DIGITAL TOOLS FOR BETTER EMPLOYMENT
In a survey conducted by India SME Forum, 70% of MSMEs cited lack of guidance in using digital tools and cost of investing in technology as challenges to improved efficiency and higher profitability. Establishing a digital data infrastructure and adopting of technologies such as artificial intelligence, internet of things and robotics can improve employment opportunities and boost economic growth.
JOB CREATION AND ENTREPRENEURSHIP
From 2026, 15 million youth will join the workforce every year for next 20 years. It will give India a unique competitive advantage, but would also be its biggest threat if India fails to create opportunities. Using digital tools to train new labour force entrants and improving training to equip workers with skills needed for each wave of new technology will be essential to meet challenges of the coming decade.
INVEST IN BIOTECH TO REVIVE AGRICULTURE
Incentivizing investments, development of integrated cold chain, warehouses, use of exchange platform for direct procurement, integrated agri-logistics systems and a comprehensive policy to encourage farmers to move to cluster-based farming will revive agriculture in India. Investments in biotechnology will also transform lives, create opportunities and can provide economic growth and development.
FINANCIAL SECTOR MUST REBUILD TRUST
India needs a strong, stable financial sector that gains back people’s trust. More credit would meet India’s needs in housing, SMEs and infrastructure. Deepening India’s capital markets will complement bank financing in fostering growth and attracting interest from investors, especially retail. Continued investor confidence is a crucial factor in attracting more investors, and one of the major challenges to overcome.