To achieve its goal of becoming a developed country by 2047, India should spend on developing a skilled workforce, improving infrastructure, and implementing land, labour, and tax reforms. Becoming a developed country is a lofty goal. India needs a workforce that is exceptionally skilled and educated. There is a skill mismatch in the workplace.
India has experienced strong overall growth, and at 7%, it is the world’s fastest-growing major economy. India should ensure that it receives adequate revenue from the long-term capital gains tax. There is also room for improvement in terms of property tax.
If the country wants to play a vital role in global supply chains, it must cut import taxes. India has higher tariff rates than its other peer economies. If it wants to be a major player in the global arena and a key component of global supply chains, it will need to reduce its tariffs.
There is also a need to enhance institutions to improve the ease of doing business, establish efficient judicial systems, create better regulatory environments, and safeguard women’s safety. An IMF survey of over 170 nations on AI preparedness ranked India as intermediate, with
Singapore at the top.