What do you think drives economic growth? In its most elemental form, it is driven by two things only. Population growth and productivity growth. Since population can increase only so much, it is the productivity growth that makes all the difference we believe. Today's chart of the day gives an idea on how far we need to improve our productivity if we are to catch up developed countries like US and Japan.
And what do we need to do to increase the same? Well, we certainly need our employees to produce more goods and services while taking up the same time as before. And this will call for skill development of our workforce, more help from technology and of course better managerial skills amongst other things.
This is where the present Government's 'Make in India' comes into play according to us. The mere migration of a sizeable population to manufacturing jobs from agriculture and removal of regulatory hurdles will be enough to take the next big leap.
We really hope all the talk about it really transforms into action.