FICCI McKinsey has released a whitepaper proposing a roadmap for India to achieve 600 million jobs and 10 lakh per capita income by 2047. The whitepaper also aims to double female participation in the labour force, cut carbon emissions and provide clean water for all.
In an interview with CNBC-TV18, the outgoing president of FICCI Sanjiv Mehta said innovation will be an enabler for India to move up the value chain.
“If you look at the last three decades, India has delivered a growth of 6.5 percent and now we have crossed the $3 trillion mark. So if we were to deliver 7.7 percent growth, which is not something out of the realm of what India can deliver, then the objectives of lifting everyone out of poverty, increasing the per capita income by 6x to a million etc, can be delivered. Then we thought there should be certain enablers to make this happen. So one of the enablers is innovation. India as a nation, needs to move up the value chain and to do that we will have to be competitive on costs, service quality and very importantly innovation. So we believe India should be taking a lead in setting up innovation clusters where public sector R&D, private sector R&D, startups and academia come together,” Mehta said.
Mehta added that there is no better time for India to realise its true potential than now.
“A time comes when the world conspires to make someone win and I think that time has come for India. All the global firms are looking at building resilience in their supply chain, also the way India has gone about digitising its economy, is clearly the ground is there for India to realise its potential. I don’t think there has ever been a time when India is so well-positioned to realise its potential and go away from a developing and emerging market and become a middle-income country,” Mehta said.
Incoming President of FICCI Subhrakant Panda also concurred with Mehta and said innovation and designing in India are essential to move up the value chain.
“Innovation is something that has to be emphasised if India has to leapfrog and achieve its full potential. The days of jugaad are behind us, we have to look at being competitive globally and to do so we have to take the lead when it comes to innovation and R&D. When you look at Make in India, I think the government has done a great job in terms of creating an enabling environment through ease of doing business measures and PLI schemes to attract global supply chains to India and give a boost to manufacturing. However I don’t think we should only look at making in India, I think we have to look at innovating in India and designing in India if we have to truly move up the value chain,” Panda said.
Watch video for entire conversation.