Prioritise job creation and inclusive growth: PwC India chairperson's advice to Modi 3.0 govt

PwC in India Chairperson Sanjeev Krishan emphasised the critical need for the Modi 3.0 government to adopt a granular and tailored approach to support small businesses, promote job creation, and drive inclusive economic growth.

In a recent statement to PTI, Krishan outlined key priorities, including the development of ancillary industries and a sharper focus on urban and rural infrastructure projects.

Krishan underlined the importance of prioritising job creation and productivity improvement to achieve inclusive growth. He acknowledged the progress made in ease of doing business, enhanced infrastructure, and improved credit access over the past decade, emphasising the imperative of supporting job creation and increasing trade in smaller pockets with a targeted approach.

Krishan suggested that regulatory support and incentivisation, such as Production-Linked Incentive (PLI) schemes, could foster innovation.

Furthermore, Krishan advocated for the establishment of plug-and-play research hubs, managed either by the government or private entities, to facilitate entry into the market for startups. He highlighted the significance of supporting ancillary industries in sectors like renewables, electric mobility, semiconductors, and artificial intelligence.

Moreover, Krishan highlighted the importance of initiatives to improve credit access, develop dedicated corridors, and strengthen agricultural infrastructure. He emphasised that these efforts would create employment opportunities, enhance supply chains, and position India as a competitive manufacturing destination globally.

Regarding the economic outlook for the current fiscal year, Krishan expressed optimism due to anticipated improvements in rural consumption, favourable agricultural trends, and the forecast of a good monsoon. He highlighted urbanisation as a significant driver of economic progress in India, facilitating enhanced economic opportunities, infrastructure development, and improved access.

Krishan emphasised that a strong focus on infrastructure development would boost India's global attractiveness and create opportunities in the tourism sector.

(with PTI inputs)