India’s road to economic revival: Unlocking frictions in these 9 sectors may significantly boost economy

economic growth, economic revival, nine sectors, pharma, financial serviceThe consumer and retail, health and pharma, and automotive and industrial products (IP) sectors are expected to be influenced largely as consumer demand shifts to create new products and services.

As India’s economic growth struggles to regain momentum, sector-specific efforts across nine key sectors can help the country bounce back towards revival. Unlocking frictions in nine core sectors and the MSME segment, which make up 75 per cent of the pre-pandemic GDP, over the next three years can significantly uplift the economy, said a report by PwC India. The nine core sectors highlighted in the report are consumer and retail; health and pharma; automotive and industrial products (IP); power and mining; infrastructure and logistics; information technology; education; financial services; and the government sectors. 

The consumer and retail, health and pharma, automotive and industrial products (IP) sectors are expected to be influenced largely as consumer demand shifts to create new products and services influenced by wellness, safety and health. Further, the opening up of power and mining, infrastructure and logistics, information technology and education sectors are believed to influence the seamless flow of data, thereby enabling the core infrastructure and resources to become friction-free. 

The PwC India report also estimated that the free financial service sector will ensure robust capital flows in the economy while the government sector is a key enabler, and during the coming few years, it will be a direct stimulus provider. It highlighted that the agriculture sector, which is a major source of employment in the country, will be a key focus for all stakeholders. 

Meanwhile, last week, Union Minister for Micro, Small & Medium Enterprises and Road Transport & Highways Nitin Gadkari had also emphasized that the need of the hour is to address the ground level issues sector-wise and industry-wise. Nitin Gadkari had added that all the sectors like plastic, garment, leather, pharmaceuticals, etc, and industries associated with them have unique problems and thus it is important to resolve such issues in order to formulate the new policies. He had further urged the MSME member bodies and sectoral associations of FICCI to study the ground level problems of important sectors through various Think Tanks and present their recommendations so that policy decisions can be taken to solve various problems.

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