FICCI India: Ficci releases roadmap to achieve 600 million jobs, 6x rise in income by 2047

A roadmap for India to increase its workforce to 600 million and increase its per capita income by six-fold to Rs 10 lakh, by the year 2047, was released by India’s century initiative on Friday.

The ‘India century initiative’ launched by Federation of Indian Chambers of Commerce and Industry (Ficci) and McKinsey & Company is a multi-stakeholder initiative, aimed at catalysing actions to achieve the country’s full economic potential by 2047.

The roadmap also focuses on doubling female participation in the labour force to 45-50 per cent, cut carbon emissions by 80-100 per cent, and provide access to clean water for all by the year of the country’s century of independence in 2047.

Alok Kshirsagar, Senior Partner, McKinsey & Company said that companies in India can create millions of jobs and value through innovations that capture the full potential of digital transformation, energy transition, modern infrastructure development, and realignment of global supply chains. “The India’s Century initiative provides a practical roadmap for 10 industry sectors and the capabilities required to deliver sustainable and inclusive growth for our country”, he added.

With inputs from over 200 companies, the roadmap identifies 10 priority sectors, including agriculture, manufacturing, healthcare, infrastructure and consumer, information and communication technology, among others. It provides a set of over 50 actions for the growth over the next 25 years for companies and industry bodies, supported by the state and central governments, to unlock that growth.

Ficco president Sanjiv Mehta said industry will have to lead the way and build innovative solutions with a ‘people and planet’ approach, while the government functions as an enabler to nurture growth and ensure global competitiveness.

The roadmap also dwells on the strengthening of four key capabilities that will determine growth momentum across sectors and themes over the next 12-18 months. These include building India’s innovation ecosystem, scaling up India’s small and medium enterprises, strengthening the skills of its future workforce to match the needs of high-growth sectors and shaping India into the preferred destination for foreign investment.