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Business News/ Economy / FICCI, McKinsey lays down roadmap to achieve 10 lakh per capita income by 2047

FICCI, McKinsey lays down roadmap to achieve ₹10 lakh per capita income by 2047

FICC, along with McKinsey, launched ‘India’s Century – Achieving sustainable, inclusive growth' initiative that outline a roadmap to achieve 10 lakh per capita income by 2047

FICCI with McKinsey has laid down a roadmap to achieve 10 lakh per capita income by 2047

With India’s century of independence 25 years away, the Federation of Indian Chambers of Commerce and Industry (FICCI) in partnership with McKinsey & Company has launched ‘India’s Century – Achieving sustainable, inclusive growth’, an initiative that outlines a roadmap to increase per capita income sixfold to 10 lakh and achieving 600 million jobs among other objectives.

The roadmap also aims at doubling female participation in the labour force to 45-50% and providing access to clean water for all.

With input from over 200 companies, the paper identifies 10 priority sectors for growth over the next 25 years, with a set of over 50 actions for companies and industry bodies, supported by the state and central governments, to unlock that growth.

“India is at an inflection point in its journey of becoming the third largest and an upper-middle income economy. The India’s Century initiative sets out an actionable roadmap for all stakeholders to unleash India’s potential in becoming an economic superpower much before India turns 100. The industry will have to lead the way and build innovative solutions with a lens of People and Planet approach, while the government plays the role of an enabler to nurture the growth and ensure global competitiveness," said Sanjiv Mehta, President, FICCI.

“Companies in India can now create millions of jobs and value through innovations that capture the full potential of digital transformation, energy transition, modern infrastructure development, and realignment of global supply chains. The India’s Century initiative provides a practical roadmap for 10 industry sectors and the capabilities required to deliver sustainable and inclusive growth for our country," said Alok Kshirsagar, Senior Partner, McKinsey & Company.

In agriculture, the paper has set a target of doubling the levels of exports and food processing through scaling up the infrastructure, enhanced R&D/innovation and establishing digital export platforms. In terms of manufacturing, the roadmap has envisioned triple high value exports and drive down import manufacturing by developing port proximate clusters for high growth sectors, scaling digital/software-enabled manufacturing and positioning India as a green manufacturing capital with industry aligned standards and practices.

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