Business News | Sustained Labour Productivity Growth Key to 'Viksit Bharat' Vision: NITI Aayog Vice Chairman

New Delhi [India], May 29 (ANI): Vice Chairman of NITI Aayog, Suman K Bery, highlighted the significance of labour productivity in achieving India's dream of 'Viksit Bharat' by 2047 on Thursday.Speaking at the Confederation of Indian Industry's (CII) Annual Business Summit 2025 in Delhi, he also emphasised the critical role of the private sector in driving this growth.Suman Bery mentioned that boosting labour productivity would lead to higher value addition, increased incomes, and an improved standard of living.

He highlighted India's demographic potential and technological advantages, noting that while India's economy is half the size of the US in purchasing power parity, its labour force is three times larger.He stated that the aim should be to leverage our labour force to take the economy to a higher growth level and generate better jobs.

Also Read | Rajasthan: Upset Over Scoring Low in Class 10, Student Dies by Suicide in Kota.

However, he acknowledged that India's productivity growth is lagging behind desired levels and needs to catch up with countries like China and those in ASEAN."Mr Bery averred that the productivity trajectory can be carved out into two parts. The first would pertain to a shift of population out of agriculture, and secondly, its transition to industry and services. This would not only improve agriculture's productivity but also raise industry output. This transition is slower in India and NITI Aayog is working on remedial actions," said the release from CII. Additionally, Suman Bery acknowledged industrialisation as another challenge and suggested that India draw lessons from countries like China, Japan, and South Korea while forging its own unique path. He also advocated for a blend of "atmanirbharta" (self-reliance) and global engagement to maintain competitiveness, with a focus on India's small and medium industries, similar to Germany's model.Bery stressed the importance of forging Free Trade Agreements (FTAs) with trading partners, venturing into high-value sectors, and diversifying supply sources. He extended the focus on competitiveness beyond manufacturing to include services as well. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)