KPMG Report Calls for Strategic Shift to Productivity for Viksit Bharat 2047
A new report from global consulting firm KPMG has issued a clarion call for India to pivot from its traditional focus on growth at scale to a more nuanced emphasis on productivity enhancement. This strategic realignment is deemed critical for the nation to realize its ambitious goal of becoming a developed economy, or Viksit Bharat, by the year 2047.
The Core Argument: Moving Beyond Scale
The report meticulously argues that while India has achieved significant economic expansion through scale-driven models, this approach alone is insufficient for sustainable long-term development. Productivity growth—measured by output per unit of input—must become the central engine of the economy. This involves not just producing more, but producing smarter, with greater efficiency, innovation, and value addition across all sectors.
Key Recommendations for a Productive Transformation
To facilitate this crucial shift, the KPMG analysis outlines several actionable pathways:
- Technological Integration and Innovation: Accelerating the adoption of advanced technologies like artificial intelligence, automation, and data analytics across manufacturing, agriculture, and services to streamline processes and boost output quality.
- Workforce Upskilling: Investing heavily in education and vocational training to equip the labor force with the skills required for a high-productivity economy, moving beyond basic literacy to advanced technical and digital competencies.
- Policy and Regulatory Reforms: Implementing business-friendly policies that encourage research and development, ease of doing business, and efficient capital allocation to foster an environment where productivity can thrive.
- Sector-Specific Strategies: Tailoring productivity-enhancing measures for key industries such as manufacturing, where moving up the value chain is essential, and agriculture, where yield improvements and post-harvest management are critical.
The Viksit Bharat 2047 Vision
The report contextualizes this productivity push within the broader Viksit Bharat 2047 vision, which aims to transform India into a developed nation with a high standard of living, robust infrastructure, and global economic leadership. Achieving this vision, according to KPMG, requires an annual GDP growth rate that is not only high but also driven by qualitative improvements in how resources are utilized. Simply scaling up existing inefficient practices will not suffice to meet the complex challenges of the 21st century.
Implications for Business and Government
For the corporate sector, the report suggests a move towards operational excellence, lean management, and continuous innovation to enhance competitiveness. For policymakers, the emphasis is on creating an ecosystem that rewards productivity through incentives for technology adoption, support for startups, and infrastructure development that reduces logistical inefficiencies.
In conclusion, the KPMG report serves as a strategic roadmap, urging a fundamental rethinking of India's growth narrative. By prioritizing productivity over mere scale, India can build a more resilient, innovative, and prosperous economy capable of achieving the Viksit Bharat milestone by 2047.
