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Economy

Mission 2024: solving the productivity conundrum in India’s journey to a USD5 trillion economy

In a world where a shift from labour-heavy industrial production to robotics, increased use of information technology, and large-scale migration of workers are tilting the economic balance, India should look beyond traditional metrics to gauge real productivity. To achieve its ambitious 2024 target, the country should focus on economic effectiveness more than absolute numbers.
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18 Dec 2019 7 Mins Read 1 comments
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Economic growth without investment in human development is unsustainable — and unethical. — Amartya Sen, Nobel laureate in economics High single-digit GDP growth is a thing of the past for India. Like many other emerging economies, the world’s second-most populous country, too, is striving to wriggle out of a ‘middle-income trap’, or a plateauing of growth after an
frontier. To wrap up, India needs to take a cue from its better-performing Asian peers and embrace newer realms in science, technology, engineering, and medicine to achieve its true potential growth rate. Improving labour productivity in manufacturing and a much higher R&D intensity will facilitate the country’s march towards its ambitious target. ( Graphics by Mohammad Arshad)
Economic growth without investment in human development is unsustainable — and unethical. — Amartya Sen, Nobel laureate in economics High single-digit GDP growth is a thing of the past for India. Like many other emerging economies, the world’s second-most populous country, too, is striving to wriggle out of a ‘middle-income trap’, or a plateauing of growth after an frontier. To wrap up, India needs to take a cue from its better-performing Asian peers and embrace newer realms in science, technology, engineering, and medicine to achieve its true potential growth rate. Improving labour productivity in manufacturing and a much higher R&D intensity will facilitate the country’s march towards its ambitious target. ( Graphics by Mohammad Arshad)

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