A round table discussion titled “MSME and Developed India @ 2047” was recently held by the Ahmedabad Management Association (AMA). The aim of this discussion was to highlight the crucial role of Micro, Small and Medium Enterprises (MSMEs) in achieving the vision of a developed India, as envisioned by Prime Minister Narendra Modi for the year 2047. Key stakeholders gathered to brainstorm innovative ideas and strategies for the MSME sector.
The event featured prominent speakers such as Shantanu Srivastava, Managing Director of Eshan International Ltd and advocate for global MSMEs, and Sandeep Singh, an economist and interim chairperson of the Board of Governors at IIM Kashipur. The chief guest, Vimal Ambani, emphasized that achieving the vision of a developed India by 2047 is an ambitious yet attainable goal aimed at eradicating poverty and ensuring the development of all.
According to estimates, India could become a developed nation by 2047, with an economy exceeding $52 trillion and an annual per capita income surpassing $34,000. These projections indicate significant advancements in human development indicators, quality of life, nutrition, healthcare, education, and infrastructure.
The MSME sector is expected to play a pivotal role in this transformation, contributing over 32% to the GDP and 45% to exports, alongside significant contributions to industrial production and employment. The round table discussions, which began in Nagpur and will continue in various cities across India, aim to showcase the untapped potential of this sector and promote creative thinking to achieve over 15% annual growth and boost exports significantly.
AMA President Dr. Savan Godiyawala stated that the primary objectives include aligning with government policies, addressing the micro and macro challenges faced by MSMEs, and increasing the success rate of startups from 10% to over 50%.
Dr. Jaymin Vasa expressed confidence that the MSME sector can lead India’s journey to 2047, making a substantial contribution to GDP growth and helping the country become a developed nation. The discussions will culminate in a final report presented to the government and other stakeholders, leading to follow-up sessions to review progress and address obstacles.
As India moves forward, it aims to achieve a five trillion dollar economy, which would position it as the third-largest economy globally, following the US and China. The latest reports suggest that by 2030, India’s per capita income could increase by 70%, reaching around $4,000, up from $2,450 in FY2023.
The growth of per capita income is crucial for improving the living standards of India’s middle and working classes, who have not benefited equally from the country’s economic growth. Experts argue that as India improves its economy, it must also ensure that the benefits reach all segments of society, particularly the middle class and the working class, who are currently facing increasing economic challenges.
Overall, achieving a developed status by 2047 requires a collective effort from all sectors, innovative strategies, and effective policies that support the growth of MSMEs and address the challenges faced by various economic classes. The potential for growth is immense, and with the right actions and strategies, India can pave the way for a prosperous future for all its citizens.