10 key enablers for India to become Viksit Bharat by 2047: PHD Chamber

New Delhi, Apr 17 (Mayank Nigam) Industry body PHD Chamber of Commerce and Industry has identified 10 key enablers including ease of doing business, reducing cost of doing business such as cost of capital, power, logistics, land among others, that would lead the Indian economy to “Viksit Bharat by 2047” Releasing a blueprint for “Viksit Bharat by 2047”, the PHDCCI said the Indian economy is displaying robust growth post Covid pandemic despite continued global headwinds. India’s economy will become USD 34.7 trillion by 2047 with per capita income of USD 21000. “We have identified 10 key enablers that are leading the economy to Viksit Bharat by 2047,” Sanjeev Agrawal, President of PHDCCI, said in a statement. Percolate ease of doing business at factory level.

Reduce cost of doing business including costs of capital, costs of logistics, costs of land and availability of land, costs of labour and availability of skilled labour and costs of compliance is first and basic key area requiring government’s focus. Special focus should be laid on the development of semiconductor industry. This will enhance India’s prominence as a leading manufacturer globally, it said adding that continued handholding to startup ecosystem is critical. Reform measures for agriculture and food processing sector should be on priority basis as this would help India becoming Viksit Bharat.

Among other enablers are filling the vacant positions at the national and state levels including judiciary, police, medical and para-medicals, military and para-military and education sector etc. “India is adopting modern practices including artificial intelligence (AI), enhancing internet penetration, adopting world class logistic techniques among others, Agrawal said, adding India’s rank will among top 5 countries in Government AI Readiness Index, size of exports will be USD 10 trillion and India will be among top five countries in the Global Innovation Index by 2047.