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Economic Advisory Council to Prime Minister releases Competitiveness Roadmap for [email protected]

Tags: National Economy/Finance

The Economic Advisory Council to Prime Minister, EAC-PM released the Competitiveness Roadmap for [email protected] in New Delhi on 30 August 2022. The document was released in the presence of Chairman EAC-PM Dr Bibek Debroy, India’s G20 Sherpa Amitabh Kant, Member of EAC-PM Sanjeev Sanyal and Dr Christian Ketels from Harvard Business School.

India can become a developed country 

  • India is currently the 6th largest economy in the world  after the United States of America, China, Japan, Germany and the United Kingdom and is classified as a developing country .
  • Speaking on the occasion, Bibek Debroy said that the country can become a 20 trillion dollar economy at a sustained growth rate of 7 to 7.5 percent for the next 25 years.
  •  He said that India can become an upper-middle-income country by 2047 at this growth rate. 
  • He said, even if India achieves relatively conservative rates of growth of 7 to 7.5 percent, the country will get to a per capita annual income of about 10,000 dollar.

Who has prepared the report 

The roadmap is a collaborative work between the EAC-PM and The Institute for Competitiveness, Gurugram. The report has been developed by Dr Amit Kapoor, Chair, and Institute for Competitiveness, Professor Michael E. Porter and Dr Christian Ketels of Harvard Business School.

Thrust of the report 

  • The Government of India has set a target to become a developed country by 2047. 2047 is the year when India will be observing its 100th Independence Day.
  • To become a developed country, productivity in the country has to increase and achieve an optimum level so that capital formation increases and it will become a driver of sustained prosperity.
  • The report has prepared guidelines for the national government and the states to achieve the goal through sector-specific and region-specific policies based on the ‘4 S’ principles. 
  • The ‘4 S’ guiding principles redefine our approach to attaining prosperity by stressing the need for prosperity growth to be matched by social progress, to be shared across all regions within India, to be environmentally sustainable, and to be solid in the face of external shocks.

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