“PwC India Chairperson Urges Modi 3.0 Government to Prioritize Small Businesses and Inclusive Growth for Economic Success”
In a recent address to PTI, Sanjeev Krishan, Chairperson of PwC in India, underscored the pressing need for the Modi 3.0 government to adopt a nuanced and tailored strategy to bolster small businesses, stimulate job growth, and propel inclusive economic expansion. Krishan’s insights shed light on key priorities that could shape India’s economic landscape in the coming years.
One of the focal points of Krishan’s recommendations is the development of ancillary industries and a heightened emphasis on urban and rural infrastructure projects. By honing in on these areas, Krishan believes that the government can lay a solid foundation for sustainable economic growth and job creation.
Krishan also stressed the significance of prioritizing job creation and enhancing productivity to foster inclusive growth. While acknowledging the strides made in improving the ease of doing business, infrastructure, and credit accessibility, Krishan emphasized the need for targeted interventions to support job creation and boost trade in smaller regions.
To drive innovation and competitiveness, Krishan proposed leveraging regulatory support and incentivization mechanisms like Production-Linked Incentive (PLI) schemes. By encouraging innovation through such initiatives, Krishan believes that India can carve out a niche for itself in the global market.
Furthermore, Krishan advocated for the establishment of plug-and-play research hubs, either government-led or managed by private entities, to facilitate the entry of startups into the market. By nurturing ancillary industries in key sectors such as renewables, electric mobility, semiconductors, and artificial intelligence, Krishan envisions a robust ecosystem that fosters innovation and growth.
In addition to these measures, Krishan highlighted the importance of enhancing credit access, developing dedicated corridors, and strengthening agricultural infrastructure. These efforts, according to Krishan, would not only create employment opportunities but also bolster supply chains and position India as a competitive manufacturing hub on the global stage.
Looking ahead, Krishan expressed optimism about the economic outlook for the current fiscal year, citing anticipated improvements in rural consumption, favorable agricultural trends, and a promising monsoon forecast. He underscored the role of urbanization as a key driver of economic progress, enabling enhanced economic opportunities, infrastructure development, and improved access to resources.
Krishan also emphasized the pivotal role of infrastructure development in enhancing India’s global appeal and unlocking opportunities in the tourism sector. By focusing on bolstering infrastructure, India can bolster its attractiveness to investors and tourists alike, paving the way for sustained economic growth and development.
In conclusion, Sanjeev Krishan’s insights underscore the importance of a targeted and holistic approach to economic development in India. By prioritizing job creation, innovation, and infrastructure enhancement, India can chart a path towards inclusive growth and global competitiveness. As the Modi 3.0 government navigates the economic landscape, Krishan’s recommendations offer a roadmap for sustainable and inclusive growth in the years to come.