NITI Aayog's Suman Bery Highlights Labor Productivity as Key to 'Viksit Bharat' by 2047

During the Confederation of Indian Industry's Annual Business Summit 2025 in Delhi, Vice Chairman of NITI Aayog, Suman K Bery, underscored the critical importance of labor productivity in realizing India's vision of 'Viksit Bharat' by 2047. Bery highlighted the significant role of the private sector in propelling growth through increased labor efficiency, resulting in enhanced value addition, higher incomes, and an improved standard of living.

Bery drew attention to India's demographic and technological edge, noting that while the nation's economy equals half the size of the US in terms of purchasing power parity, its labor force is three times larger. He pointed out that strategically leveraging this labor force is essential to elevate the economy's growth trajectory and create superior employment opportunities.

Acknowledging India's lagging productivity growth compared to China and ASEAN countries, Bery outlined a two-pronged approach: transitioning the population out of agriculture and into industry and services, which would boost both agricultural productivity and industrial output. He cautioned that India's transition is slower, prompting NITI Aayog to devise corrective measures. Bery advocated learning from the industrialisation models of China, Japan, and South Korea while carving a unique path for India. He also emphasized the necessity of self-reliance combined with global market engagement to sustain competitiveness, aiming to elevate India's small and medium industries in a manner akin to Germany. Bery promoted the importance of forging Free Trade Agreements, exploring high-value sectors, and broadening supply sources, extending competitiveness efforts from manufacturing to include services too. (ANI)

(With inputs from agencies.)