Economic Advisory Council releases roadmap for India@100

New Delhi, Aug 30: In sync with Prime Minister Narendra Modi's vision for India in 2047, the Economic Advisory Council to Prime Minister, led by Bibek Debroy, released the 'Competitiveness Roadmap for India@100,' a blueprint for the country's journey towards its centennial year on Tuesday. The roadmap guides the way for India to become a higher-income country by 2047 and proposes policy goals, principles and approaches to further drive India's economy.

In his message, Professor Michael Porter mentioned, "The competitiveness framework underlying the roadmap offers a strategic perspective on how to translate the diagnostics on a country's competitiveness fundamentals into actionable insights. The solution does not lie in narrow interventions. What is needed to accelerate progress is a clear strategy enabling action to focus on key priority areas".

Dr Amit Kapoor shared the essence of the Competitiveness roadmap as he said, "The competitiveness approach must serve as the cornerstone of India's economic and social policy for us to be able to sustain long-term economic growth. The recommendations outlined in the roadmap factor in India's unique advantages and are based on a new set of guiding principles, policy goals, and an implementation architecture".

The roadmap was presented by Dr Christian Ketels, who highlighted the importance of building a complete understanding of India's strengths and its unique advantages, which can help enhance the country's overall national value proposition.

He stated, "Understanding India's competitiveness challenges and opportunities also help gain insights into the challenges and opportunities that the world is facing. How India manages to address its major challenges will have a bearing on how the world tackles these challenges. India's performance matters".

In the Keynote address on 'India- The Competitive Edge', Dr Bibek Debroy, Chairman, EAC-PM, mentioned, "If India's development trajectory has to emerge faster, higher, and stronger, both government policies and the enterprises and markets functioning in the environment set by the former, are of great significance".

Adding emphasis to the importance of a renewed approach to development, Amitabh Kant, G20, Sherpa, stated, "In an ever-evolving global context, India is working towards presenting a sustained growth model based on ease of living for its people and ease of doing business for its industries. The emphasis is not just on attaining the ambitions set for India but also on how the country gets there. The roadmap provides directions guiding the process of attaining the set goals, and outlines the kind of principle changes required for the transformation we are working towards".

What does the document highlights?

The Competitiveness Roadmap for India@100 is based on the framework developed by Professor Michael E. Porter. It aims to identify the steps required to realise the vast potential of the nation, the government said in a statement.

"The roadmap sets out to give new guiding principles that are based on clearly defined overall goals and the articulation of a new development approach embedded in integrating social and economic agendas. The '4 S' guiding principles redefine our approach to attaining prosperity by stressing the need for prosperity growth to be matched by social progress, to be shared across all regions within India, to be environmentally sustainable, and to be solid in the face of external shocks. By capturing these four important aspects, the '4 S' guiding principles pave the way for resilient and holistic development," the statement said.

"The roadmap stands to inform and guide the way for India to become a higher-income country by 2047. It proposes policy goals, principles and approaches to further drive India's economy in the direction of sustainability and resilience, embedded in social progress and shared prosperity, stated a press release from PMO.

"The roadmap presents an integrated agenda of prioritised initiatives based on a thorough examination of India's present economic state and competitive advantages. Building on the many reforms your government has enacted over recent years, it addresses both what actions India needs to prioritize now and how it needs to organize itself to deliver these actions effectively," the statement added.

"The document also asserts that the competitiveness approach should serve as the cornerstone of India's economic and social policy to drive India's growth further and sustain it over the long term," it said.