Spurring the nation’s entrepreneurial spirit is key to job creation and growth. Recognising this, Finance Minister Nirmala Sitharaman announced several notable initiatives, such as speedy access to loans of up to Rs 1 crore for MSMEs and a consolidated scheme that will support the development of skilled entrepreneurs in the agro-rural industry. Moreover, apart from the relaxation of various tax regulations, start-ups are also set to get their own exclusive TV channel. These measures will have a multiplier effect as entrepreneurs who benefit from them will create job opportunities, thus boosting consumption, which will, in turn, lead to growth.
One of the biggest challenges India faces today is skill gap — a major impediment to growth. The new National Education Policy and establishment of the National Research Foundation are steps in the right direction as they focus on bringing India’s higher education system on a par with global standards, reskilling and upskilling the country’s workforce, and fostering a research ecosystem that centres around India’s priorities.
Together, these reforms and policies will contribute significantly towards ensuring that India remains on a steady path to becoming a $5-trillion economy in the next five years.