Jamshedpur, Feb 25: With the Indian economy showing some positive signs of a turnaround, there has been an increase in the industrial output last year compared to that of the previous year. The current account deficit is expected to drop because of improved global conditions. India’s GDP is slated to triple by 2030, leaving behind Germany and Japan.
Thus, the time is ripe for India to focus on leveraging its opportunities. Low wages, skilled labour force, good rail-road-port connectivity, varied agro-climatic zones and rich mineral deposits confer huge opportunities that if harnessed properly can prove to be a game changer for the economy.
The need of the hour is to improve industrial infrastructure, speedy implementation of projects and a strong focus on boosting investments to create an increasing investor-friendly business climate. While creating a suitable policy roadmap is the need of the hour, progress on implementation is required to build investors confidence.
With 47 million more people joining the working age group in India by 2020, adequate focus on education and skill development will help reap dividend out of this demographic advantage and enable a more conducive environment for achieving higher growth in the coming years.
Jharkhand has also shown significant improvement in the recent years, leading to an optimistic outlook towards development. Jharkhand have contributed almost 8.92% to India’s GDP in 2012-13, exhibiting its growing importance as launch pad for India’s growth story.