India’s current demographic trends present a unique opportunity for the country to transform itself into a high-income nation. But to achieve this goal, India must invest in a new economic model that focuses on education, research and development (R&D), and MSME sectors. The MSME sector, for one, is a crucial component of the country’s economy, contributing toward employment and manufacturing output significantly. With the right policies, MSME can:
- Create more jobs that lead to better economic growth
- Increase the country’s production and export capacity
- Encourage innovation and creativity, and
- Provide local business owners a competing
According to The Economic Times, the lack of a long-term plan can hurt India’s progress
towards becoming a high-income economy, with the export industry being one of the many ones
to be affected. Yet, the goal of a 5-trillion economy isn’t out of our reach, with the Viksit Bharat
Abhiyan providing the nation the necessary building blocks.
Thus, the Abhiyan would allow India to prioritize investments based on the nation’s heritage,
processes, infrastructure and institutions, directing necessary attention towards MSMEs. So, by
adopting the right economic approach, India will be able to leverage its demographic advantage and unlock the full potential of its MSME sector.
