The coronavirus pandemic has created havoc and halted our Indian economy and now it is necessary to take a leap and the productivity, employment must be created. According to the report by McKinsey and Company, our country needs to place a growth strategy on a sustainably speedier track and encounter the aspirations and dreams of its mounting workforce. India must bring in sector-specific policies and schemes to increase efficiency in agriculture and food processing, healthcare, manufacturing, real estate and retail sectors.
The report emphasized the need that over the decade to 2030, our country should generate at least 9 crore new non-farm jobs to captivate the 6 crore new workforces and an extra 3 crore workers who could transfer from farm work to more productive non-farm sectors. The Global drifts like the automation and digitization, rising incomes, shifting supply chains, urbanization, demographic shifts and huge attention on sustainability, safety and health are hastening in the wake of the pandemic crisis.
India to sustain longer then needs to create a minimum of 9 crore new non-farm jobs to engage the 6 crore new workers and an extra 3 crore workers who could move from farm work. There are Three growth boosters which can spur $2.5 trillion of economic value. Within these three growth supporters, the McKinsey report also found 43 other possible business prospects that could generate about $2.5 trillion of economic value in 2030 and support 11.2 crore employments, or about 30 per cent of the non-farm labour force in 2030.
It has been recommended that India must acquaint with sector-specific schemes to increase the productivity in real estate, manufacturing, retail, agriculture and food processing and healthcare sectors. In addition, solving land supply to decrease the charge of industrial and residential land usage then, creating a flexible workforce markets with robust social safety nets and additional portable aids have been highlighted.
The perquisites of Large-scale privatization are anticipated to increase than double the productivity and possibly contribute between 0.2 and 0.4 percentage points yearly on an average to the Gross Domestic Product. Our country has about 1,900 state-owned initiatives, of which we can guess about 400 could be privatized and it is estimated that just 2 per cent of all PSUs could produce as much as 80 per cent of entire value from privatisation.
In the meantime, decreasing commercial and industrial power prices through new models in the power supply, cultivating the comfort and decline the cost of doing business and via more household savings to capital markets are other references stated in the report.
