Gujarat must concentrate on 9 profitable sectors to spice up manufacturing and appeal to top-class tech corporations to assist India obtain the aim of a USD 5 trillion economic system by 2026-27, in accordance with a activity drive report.
Set up by the Gujarat authorities, the duty drive chaired by former Finance Secretary Hasmukh Adhia has advised that the state has to speed up its development fee and obtain a share of 10 per cent within the nationwide GDP, up from 8.36 per cent in 2021. This means Gujarat has to realize a goal of GSDP of USD 500 billion by FY2026-27.
“If India has to achieve the target of GDP of USD 5 Trillion by FY 2026-27, Gujarat has to run faster because Gujarat is the growth engine of India,” it stated.
The report has recognized 9 ‘winning sectors’ for manufacturing needing particular consideration from the federal government. These are cars, attire, fundamental metals, electronics, electrical equipment and gear, meals processing, gems & jewelry, prescribed drugs and textiles.
The activity drive additionally advised that the state ought to concentrate on all companies, primarily IT/ITeS, FinTech, and tourism (together with medical worth journey).
“The state needs to invest a lot of money in providing high-quality infrastructure for all these sectors. The government needs to spend money for attracting top-class IT companies and tourism sector promoters,” stated the Adhia panel report.
Stating that worldwide connectivity from 4 or 5 main airports is urgently required to draw funding within the companies sector, the report stated all doable trendy facilities, and cruise companies, must be made obtainable to develop Gujarat as a serious vacation spot for coastal and inland water tourism.
The report, which calls for a whole revamping of the expansion technique of Gujarat within the subsequent 5 years, additionally advised that the state has to go in an enormous means in selling renewables, microgrids and electrical mobility. Promoting inexperienced hydrogen and semiconductor manufacturing needs to be on its radar.
Gujarat has to develop a sturdy ecosystem for industry-ready human capital, and there’s a requirement for high quality enchancment in greater training and a variety of upskilling of the workforce. Opportunities arising from the gig economic system must be exploited, as per the report.
It stated that in 2021-22, India grew to become a USD 3.09 trillion economic system in nominal phrases. The common annual nominal development for the final 10 years (2012-13 to 2021-22) is almost 10.5 per cent. Therefore, if the previous development fee is sustained, India could be USD 5 trillion economic system by 2026-27 in nominal phrases, the report added.
The activity drive was arrange in February for suggesting a technique for the Gujarat authorities for making India a USD 5 trillion economic system as per the imaginative and prescient of Prime Minister Narendra Modi.
Source: www.financialexpress.com”