A multisector road map for recovery
Six, we must focus on superior technology development. India is lagging and must focus on research and development. The government has allocated ~8,000 crore under the National Mission on Quantum Technologies, launched a digital platform to facilitate the application of intellectual property rights, set up knowledge translation clusters for diverse technology sectors, and provided ~6,000 crore for Bharatnet to link 100,000 gram panchayats. Together, with the private sector, the government must push ahead with the 2030 national technology agenda.
Seven, ensure a big thrust in infrastructure development. The next decade will see investments in infrastructure such as roads, bridges, ports, airports and metros. The government has already made a budgetary allocation of ~102,000 crores for the next five years. Considering that a similar amount may be allocated in the following five years, the total amount will be a huge stimulus for infrastructure development as well as employment.
Eight, more sectors should be open to 51%-100% foreign direct investment (FDI). India has a huge requirement for international capital, and there is considerable liquidity with many global sovereign funds. There are many sectors where foreign investment is allowed only up to 49%. This needs to be enhanced to 74% or even 100%. Also, we have to provide a red carpet for foreign investors by setting up single-window clearance facilities in the states and Centre. The focus should be on renewable energy, storage, biotech, electric vehicles, artificial intelligence and cybersecurity.
Nine, we must globalise national champions. We should assist large Indian companies to grow into large global multinational corporations (MNCS). Companies and industrial houses in the private sector (Tatas, Birlas, Reliance, HDFC and Mahindras) and in the public sector (NTPC, ONGC, BHEL, SAIL and SBI) should be supported to upscale globally.
Last, we must showcase industry leadership role models. We should nominate top leaders from the government, MNCS, large domestic companies, the public sector and startups, to promote key qualities of entrepreneurship, deep planning, rapid execution, innovation and transparency aimed at international success. This way, young engineers and managers who are the leaders of the future will be inspired.
The best is yet to come for the Indian economy. We just need to prioritise new investments in key sectors for the creation of millions of jobs to achieve the target of becoming a $5-trillion economy. Charlie Chaplin once said, “Nothing is permanent in this wicked world — not even our troubles.” Keep this in mind going forward.