In a stunning diplomatic victory, Qatar's Al Jazeera network displayed India's correct map including entire Jammu & Kashmir for the first time in history, signaling a massive shift in Arab world's Kashmir stance that has left Pakistan reeling
EAC-PM Chairman S Mahendra Dev calls for incentivising labour intensive manufacturing
Delivering an inaugural lecture at the Delhi School of Economics on Wednesday, S Mahendra De, chairman of the Economic Advisory Council to the PM said there is a need for a structural transformation in India from agriculture to manufacturing and services with focus on labour intensive manufacturing to help labour absorption and exports.
India needs to increase its investment rate to 34-35% from the current 30% while pushing up exports to achieve a resilient growth of 7%-8% in order to achieve its 2047 goal of Viksit Bharat, S Mahendra Dev, chairman, Economic Advisory Council to the PM said.
“India Inc has to make new investments instead of keeping the cash while states have to make more efforts to invite foreign direct investment (FDI) and domestic private investments,” Dev said at the inaugural lecture of the Delhi School of Economics on Wednesday.
According to Dev, no emerging market of India's size has grown at 7% or 8% for a decade or more without strong export growth and India needs to handhold sectors which have taken a hit due to the recent 50% US tariffs and other protectionists measures.
“Diversify exports, speed up free trade agreements (FTAs) with other countries and continue negotiations with the US,” he said, outlining measures to boost exports.
Dev said domestic tailwinds such as low inflation, rate cuts, good monsoon and GST reforms will act as a stimulus to raise both rural and urban demand by raising investment, consumption and exports.
Citing recent estimates that show the share of India in world GDP to be 25% by 2043, Dev said the Indian economy is resilient on the back of political stability, macroeconomic stability and large domestic economy.
Reiterating that global uncertainty, high tariffs, world GDP growth and debt problems of many countries will continue to be a challenge, Dev suggested the need for a structural transformation in India from agriculture to manufacturing and services with focus on labour intensive manufacturing to help labour absorption and exports.
“Incentivising labour intensive manufacturing rather than capital intensive manufacturing is important,” he said, adding India's industrial policy has taken a more targeted and strategic character aimed at building scale, enhancing competitiveness and integrating India into global value chains.
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Source: EconomicTimes
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In a stunning diplomatic victory, Qatar's Al Jazeera network displayed India's correct map including entire Jammu & Kashmir for the first time in history, signaling a massive shift in Arab world's Kashmir stance that has left Pakistan reeling
3 months ago
