After a fruitful decade of reforms, the government’s focus must turn to bottom-up reform and the strengthening of the plumbing of governance so that the structural reforms of the last decade yield strong, sustainable, balanced and inclusive growth, said the Economic Survey 2023-2024 on Monday.
In the last 10 years, the government pursued big-ticket reforms focused on restoring the health of the economy, elevating the potential growth by relieving supply-side constraints and strengthening its capabilities, capable of fulfilling the growth aspirations of the people in the present and the ‘Amrit Kaal’.
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According to the Survey, the growth strategy for ‘Amrit Kaal’ is predicated on six key areas.
“Firstly, there must be a deliberate focus on boosting private investment. Secondly, the growth and expansion of India’s ‘Mittelstand’ (MSMEs) is a strategic priority. Thirdly, the potential of agriculture as an engine of future growth must be recognised and policy impediments removed,” the document stressed.
Fourthly, there is a need to secure the financing of green transition in India. Fifthly, the education-employment gap must be bridged.
And finally, focused building of state capacity and capability is required for sustaining and accelerating India’s progress.
A global trust deficit is driving countries to pursue policies focused on enabling them to become self-reliant and protect them from external shocks, especially in sectors of strategic importance.
“Therefore, the balance between inward-looking policies versus outward-looking policies needs to become more nuanced going forward,” the Survey said.
According to it, countries across the board have limited policy space to manoeuvre, given the multiple crises confronting the global economy.
Therefore, recognition and acceptance of trade-offs have become more necessary than before for policymakers.
“The next stage is to ensure that these reforms are implemented correctly and this will require intense engagement with state governments, the private sector, and civil society,” the Survey suggested.
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