The report also points out towards a seven-pronged strategy for India to attain a growth rate of 9-10 per cent to become $5 trillion and create 10 crore jobs, by 2023-24.
India is among the fastest growing economy, but it’s often being regarded as experiencing jobless growth due to various reports showing rising unemployment in the economy. However, there are still bright chances to reverse this trend and create 10 crore jobs in the next five years, with the help of certain low hanging fruits such as tourism, civil aviation, road transport and railways suggested the PHD Chamber of Commerce and Industry (PHDCCI) in a report.
The report also points out towards a seven-pronged strategy for India to attain a growth rate of 9-10 per cent to become $5 trillion and create 10 crore jobs, by 2023-24. These include focusing on smart farming, promoting industrialization, ease of doing business for MSMEs, revitalizing exports growth, exploring tourism potential, quality education with skill development and inclusive health for all.
Besides this, India can take advantage of the four low hanging fruits identified by the report.
Tourism – With more than 25 million Indians travelling abroad in 2018 and domestic tourist trips numbered 180 crore trips in 2018,the sector is the largest investment market in India, said the report. The sector holds the potential to create more than 40 million direct and indirect employment in the country. Therefore, the report suggests to explore more tourist destinations and stress on facilitating less visa restrictions, private investments and developing state of the art infrastructure.
Civil Aviation – Since the Wide-Body Aircraft making direct flights from a country straight to distant destinations involves huge investment, jobs and increase in traffic (passenger and cargo) for the country of origin, there has been a need to give further thrust to it. It is therefore essential that India should adopt a policy to promote Wide-Body Aircraft by the Light Cost Carriers(LCC) in India and should open the sector for private corporate airlines, noted the report. This will promote a Hub and Spoke policy within India also, added the report.
Road Transport – It has been seen that the allowance to road taxi services to be operated through radio taxi operators and aggregators, as well as local bus services to corporate bus operators in Delhi has resulted in increasing investments as well as employment, said the report. Considering this, the report said that the time has come for opening of intra-city bus services, inter-city bus services and inter-state bus services to corporate bus operators all over the country.
Railways – India accounts for the highest number of rail passengers in the world. The experience of CONCOR and luxury passenger trains should be expanded, according to the report. Further, the potential for basic services to bullet-trains and private cargo trains should be opened to the private sector. This would also mean additional use of track capacity being created through cargo corridors and faster train-track corridors, the report added.