New Delhi: Industry body Assocham Sunday came out with a five-point strategy focusing on infrastructure, good governance and education to transform India into a developed economy.
"Assocham suggests the government of India look into and follow these five strategies to put a step in the right direction for transforming India into a developed economy," the chamber said in a statement here.
The government should take more concrete steps to ensure that we achieve 100 per cent literacy by the end of next decade, it said. The average literacy rate is 64 percent.
In addition, it said the government should stress on effective human resource developments through vocational education and training initiatives to enhance the job prospects of the youth.
It said that good governance, which is about effective decision-making at all the levels, "is a must to enable every sector and the only way to effectively deal with evils like illiteracy, poverty, malnutrition and law and order problems".
The chamber also suggested the use of labour intensive technology for production rather than capital-intensive techniques, as the former methodology increases employment opportunities.
The government should also promote the small and medium enterprises sector, as it contributes 90 percent to the Indian economy`s output, it said.
Besides, IT, the government should also focus on areas like the trading, wholesale and retail sector, which offer tremendous employment opportunities and can make a huge contribution to the economy.
It further said, "Infrastructure is a sector which requires serious attention and needs constant funding of 5-7 percent of the GDP."