New Delhi, PwC in India Chairperson Sanjeev Krishnan said the Modi 3.0 government needs to take a comprehensive and tailored approach to support small businesses and boost job creation to make economic growth more inclusive.
Krishna said supporting the development of supporting industries and paying more attention to urban and rural development projects as part of infrastructure creation should be other priorities of the government.
“It is important for the new government to prioritize job creation and productivity improvements to ensure inclusive growth,” he said.
He said that in the last decade, improvements in ease of doing business (EODB) along with better infrastructure and credit access have removed many barriers.
He said, “What will be important now will be to support employment generation/business growth in small sectors with a comprehensive and tailored approach.Also, increasing productivity will be equally important. Regulatory support and incentives, including PLI schemes, can help boost innovation,” it said.
Krishna said promoting plug-and-play research hubs, which can be managed by the government or private players, can reduce entry barriers and provide incentives for startups.
Although the government has announced budgetary allocations for R&D in the interim Budget, quick deployment and even expansion of that pool will be important.He made the case for supporting the development of supporting industries that serve emerging sectors such as renewable energy, electric mobility, semiconductors and artificial intelligence.
He said, “Initiatives like improving access to credit and developing dedicated corridors will not only create employment opportunities and strengthen supply chains, but will also help in establishing India as an attractive manufacturing destination globally and contribute to growth in gross value added.” It will also help in growth."
He also stressed that apart from projects like Dedicated Freight Corridor (DFC), there is a need to pay more attention to urban and rural development projects.
He said strengthening agricultural infrastructure and improving the farm-to-table supply chain will strengthen the country's position in terms of food security and contribute to better returns for farmers, thereby increasing rural purchasing power.
The Chairperson said, “These sectors are intricately linked – and building partnerships with academia will help create jobs and value, support MSMEs and navigate the complexities of the global landscape while ensuring India's continued economic growth.” Will be able to go.,
On economic growth prospects during the current fiscal year, he said continued policy stability, deepening economic reforms and high infrastructure investment have driven India's recent growth.
He said the forecast of a good monsoon as well as expected improvement in rural consumption and agricultural trends are boosting optimism.
Urbanization will be another catalyst in India's progress by boosting economic opportunities, improving infrastructure and increasing access – promoting inclusive growth and bridging the urban-rural divide. This focus on infrastructure development will also enhance India's global appeal, thereby creating opportunities in the tourism sector.
Krishna said supporting the development of supporting industries and paying more attention to urban and rural development projects as part of infrastructure creation should be other priorities of the government.
“It is important for the new government to prioritize job creation and productivity improvements to ensure inclusive growth,” he said.
He said that in the last decade, improvements in ease of doing business (EODB) along with better infrastructure and credit access have removed many barriers.
He said, “What will be important now will be to support employment generation/business growth in small sectors with a comprehensive and tailored approach.Also, increasing productivity will be equally important. Regulatory support and incentives, including PLI schemes, can help boost innovation,” it said.
Krishna said promoting plug-and-play research hubs, which can be managed by the government or private players, can reduce entry barriers and provide incentives for startups.
Although the government has announced budgetary allocations for R&D in the interim Budget, quick deployment and even expansion of that pool will be important.He made the case for supporting the development of supporting industries that serve emerging sectors such as renewable energy, electric mobility, semiconductors and artificial intelligence.
He said, “Initiatives like improving access to credit and developing dedicated corridors will not only create employment opportunities and strengthen supply chains, but will also help in establishing India as an attractive manufacturing destination globally and contribute to growth in gross value added.” It will also help in growth."
He also stressed that apart from projects like Dedicated Freight Corridor (DFC), there is a need to pay more attention to urban and rural development projects.
He said strengthening agricultural infrastructure and improving the farm-to-table supply chain will strengthen the country's position in terms of food security and contribute to better returns for farmers, thereby increasing rural purchasing power.
The Chairperson said, “These sectors are intricately linked – and building partnerships with academia will help create jobs and value, support MSMEs and navigate the complexities of the global landscape while ensuring India's continued economic growth.” Will be able to go.,
On economic growth prospects during the current fiscal year, he said continued policy stability, deepening economic reforms and high infrastructure investment have driven India's recent growth.
He said the forecast of a good monsoon as well as expected improvement in rural consumption and agricultural trends are boosting optimism.
Urbanization will be another catalyst in India's progress by boosting economic opportunities, improving infrastructure and increasing access – promoting inclusive growth and bridging the urban-rural divide. This focus on infrastructure development will also enhance India's global appeal, thereby creating opportunities in the tourism sector.
