India’s post-Covid 19 pandemic recovery and sustained economic growth is direct outcome of a set of public policies pursued in recent years. These include high capital expenditure by the government, banking sector resilience and healthy credit uptake, government final consumption expenditure, transfer payments and stable governance. These are good foundations for sustaining economic growth in India despite global headwinds.
However, there are major concerns with rising environmental costs on development and hence re-working resources and their devolution. Due to structural bottlenecks, India’s growth potential remains confined to a few sectors within services and in the industry. Therefore, structural and environmental factors need to be comprehensively accounted for in preparedness for Viksit Bharat 2047.
India needs to best leverage its human resource dividend and harness innovations to go past such constraints. I discuss the big picture on how India can harness its innovation potential both existing and prospective to ensure economic growth, supply chain resilience as well as social welfare which remains the bedrock of its democracy. The forthcoming Union Budget may lay out a vision and strategy in that regard by advocating for needs-based allocation and stronger outcome monitoring.
We note that India has witnessed a significant jump in its Global Innovation Index (GII) ranking from 81st in the year 2015 to 39th in 2024 among 133 economies of the world. Unlike many hig.
