Economist Rohit Lamba stressed the critical role of education and health care in India's journey towards becoming a developed country by 2047. Lamba, speaking at the Business Standard Manthan 2024 event in New Delhi, highlighted the necessity of a robust workforce to support the nation's growth aspirations, underlining the current shortcomings in primary and secondary education that hinder the development of a healthy and capable workforce.
Lamba cautioned against the dangers of a K-shaped economy, emphasizing the importance of inclusive growth where more individuals actively participate in the nation's economic progress to ensure its sustainability. He discussed the need to shift focus towards enhancing India’s human capital, particularly leveraging the demographic dividend as a key factor in the country's development trajectory.
In his discussion on 'Breaking the mould – reimagining India’s economic future to becoming a developed nation by 2047', Lamba drew comparisons between India's per capita GDP of $2,500 and China's $12,500, emphasizing the need for India to aim towards becoming a strong middle-income country by its 100th anniversary in 2047. He also pointed out challenges in the manufacturing sector, including the lack of moderately skilled labor like China and slower infrastructure development compared to China, but noted that India's positioning in low-skilled manufacturing could hold promise for the future. Lamba highlighted the significance of understanding the value chain in manufacturing, particularly stressing the importance of intellectual property and design in creating high-value products like iPhones.
The economist also discussed the importance of job creation through skill development, advocating for extensive training programs to enhance workforce capabilities and increase employment opportunities. Lamba suggested that India should carve its own path for economic growth rather than fixating on surpassing China, asserting the need to aspire towards capturing a significant percentage of the global manufacturing trade.