India’s aspirations to become a developed economy are not constrained by labor issues: NIT

The government’s ambition to become a developed economy by 2047 will not be constrained by labor issues, NITI Aayog Vice Chairman Suman Bery said on Friday.

Launching the Global Innovation Index 2023, Bery said the role of innovation is to increase labor productivity and use capital more productively.

Aspirations for developed country status

India retained its 40th position among 132 economies in the 2023 GII ranking, according to a report by the Geneva-based World Intellectual Property Organization.

“India’s aspirations to achieve developed country status by 2047 will not be constrained by labor availability. Demographically speaking, we are in an optimal position.”

“What economists call total factor productivity … consists of increasing labor productivity, which can be achieved in part by changing sectors … and using labor and capital more productively,” Bery said.

Recently, Prime Minister Narendra Modi expressed optimism that India will be a developed country by 2047.

A developed country is typically characterized by relatively high economic growth, general living standards, higher per capita income, and good performance on the Human Development Index (HDI), which includes education, literacy, and health.

Speaking at the event, NITI Aayog CEO BVR Subrahmanyam said the policy think tank is organizing workshops across the country to boost the innovation ecosystem.

“Our performance exceeds expectations and makes India an innovator for the 13th consecutive year,” said VK Saraswat, member, NITI Aayog.

Sacha Wunsch-Vincent, associate editor of GII and head of economics and statistics, said India is among the seven fastest-growing nations of the last decade in the Global Innovation Index in terms of GDP with sustained innovation in policy efforts achieved above-average performance.

Growth of innovation

Among middle-income countries, India’s steady innovation growth in the last five years is due to effective policies and coordination, he said.

Government think tank NITI Aayog said in a statement on Thursday that India has seen an upward trend in GII in the last few years – from 81st in 2015 to 40th this year.

The steady improvement in the GII ranking is due to the immense knowledge capital, the vibrant start-up ecosystem and the great work of public and private research organizations, it said.


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