India is at a pivotal position in the world today; the IMF recognises India as being among the fastest growing large economies, with a growth rate of 7.3% for 2020 and 7.5% for 2021. The general expectation is that the growth rate will enhance further to 8% plus in the medium term, supported by a suitable enabling environment.
For Growth to be sustained at such levels, Productivity is key. This should result in better use of Resources – Land, Labour, Capital and Technology. Concomitantly, enhancing the conditions for Country Competitiveness will play a critical role in improving Productivity.
Accordingly, the Bombay Chamber has focussed on the question of what can make India more ‘Competitive’ in the backdrop of a rapidly changing World Order, brought about by policy changes as well as by unprecedented Technology disruptions. In this rapidly changing scenario, the Chamber opines that a medium term (2025) perspective will be appropriate.
While there have been several studies in the country extolling the long term potential of India, the Chamber decided to focus on the period between the present and 2025. Such a time frame also enabled it to examine and recommend a mix of strategic, tactical and operational elements for India’s future competitiveness. In addition, it allows for some course adjustments along the way.
To address the issue, the Bombay Chamber selected a few specific areas that it believes will enhance India’s overall Competitiveness. These include Digitisation, Finance, Manufacturing, Infrastructure, Tourism, Education & Health, Taxation, Agriculture, Trade Policy and Diversity & Inclusive Growth.
These areas were identified by the Policy Research & Development Committee of the Bombay Chamber and approved by its Advisory Board. Authors associated with the Committee agreed to contribute relevant articles on the identified subject that were subsequently vetted by the editorial committee particularly constituted to address this responsibility. The final result of such a process is embodied in the document that follows.
The Chamber expects, that between now and 2025, this document and its recommendations will initiate discussions on policy making and prompt related action between both policy makers and member enterprises.
Bombay Chamber of Commerce & Industry