Indore: ‘11% growth rate needed over next 5 yrs for 5 trillion dollar economy’

Indore: As the Central government eyes at 5 trillion USD economy by 2024-25, Reliance Industries Limited (RIL) senior vice president Vinayak Marathe on Saturday said the country would need 11 per cent growth rate for next five years to achieve the target.

“To achieve 5 trillion USD economy, the target average growth rate required is around 11 per cent over the next five years,” he said while delivering keynote address during inaugural function of two-day annual HR & Leadership Conclave organised by EPGP (post graduate programme for executives) students of Indian Institute of Management Indore.

He said Asia-Pacific region is likely to face a shortage of 12.3 million workers by 2020, with the opportunity cost amounting to USD 4.2 trillion. “42 per cent of the core skills required for the jobs would change and in India; over 12 million youth between the ages of 15 and 29 years will enter India’s labour market annually in next two decades,” he remarked. He said it’s the need for academia to collaborate with industry experts to redesign educational curriculum and make training of workforce that can meet current industry demands.

He also shared insights on key enablers for 5 trillion USD economy namely, stable society, better infrastructure and supply chain, good governance, more jobs and skilling, banking and secured digital economy, better higher education, improved productive sectors and urbanisation and empowering big cities as well.

The inaugural function was followed by panel discussions. This year, the event also had a special section -The Startup Story by Devesh Verma, CEO & Co-Founder, The Savage Humans. Speaking on entrepreneurship, he encouraged participants to be in the business for creating value, and not just focus on making millions and billions. “Do not do it just because others are doing it. Have the team spirit, along with leadership qualities, aim to work for the welfare of the country and then only you’re a successful entrepreneur,” he said.

The two-day conclave’s theme is, India’s Roadmap to USD 5 Trillion Economy.

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Free Press Journal