How India Can Boost Its Growth Rates
“India has displayed a remarkable growth trajectory, but to meet its aspirations for 2047, it must take steps to boost growth rates further,” Bjerde remarked. She pointed out that increasing the investment-to-GDP ratio from 33% to 40% would foster higher growth. Moreover, raising female labour force participation to 50% could contribute an additional 1% to India’s GDP, presenting a major opportunity for economic advancement.
Bjerde also acknowledged India’s potential to excel in human resource development, a sector where the world faces shortages. While India has faced numerous challenges in recent years, including the impact of the COVID-19 pandemic, Bjerde noted that women were disproportionately affected, particularly those returning to the workforce after the lockdowns. “The adjustments women had to make to their lives post-COVID have hindered their recovery, especially when compared to men,” she said.
Overcoming Barriers for Women in India’s Workforce
She highlighted the many obstacles preventing women from having the same opportunities as men. Issues such as childcare, elderly care, and mobility remain key barriers for women in the workforce. Additionally, women continue to lag behind men in terms of digital connectivity. “Broadband access could prove to be a game changer for women,” Bjerde noted.
Access to capital is another major challenge for women, and Bjerde emphasised the need to ensure that 80 million more women have access to capital by 2030. This would be a significant step towards closing the gender gap and enabling more women to contribute to India’s economic growth actively.
While there are still challenges, India has made notable strides in safe housing and financial inclusion for women. “India’s initiatives in providing safe housing and access to finance for women are commendable,” Bjerde said. She suggested that India could share its experiences with the world, particularly regarding inclusive development, as it has made substantial progress in these areas.
India’s Renewable Energy Potential
India’s efforts in renewable energy are also worth mentioning, with the country significantly increasing its renewable energy capacity to meet global demand. Bjerde expressed hope that India could play a leading role in global renewable energy projects, saying, “India has greatly expanded its renewable energy capacity and is producing exactly what the world needs. It would be great to see India become a key player and partner in some of these global initiatives.”
Finally, Bjerde praised India’s integrated approach to addressing environmental, infrastructural, and health challenges. She believes that India’s focus on these interconnected areas could serve as a model for other nations. “India’s approach to the nexus of environment, infrastructure, and health is something that we can all learn from,” she concluded.