FICCI, McKinsey whitepaper outlines path to 600 million jobs, ₹10 lakh per capita income by 2047

• Industry body FICCI and management consulting firm McKinsey have come up with a whitepaper outlining the path to creating 600 million jobs and ₹10 lakh per capita income by 2047.
  
• It includes 50 steps that Indian companies can take to achieve sustainable and inclusive growth across key metrics, which include per capita income, job creation, female participation in the labour force, and carbon emissions, among others.
  
• The initiative has also identified ten priority sectors for growth and job creation over the next 25 years.

The Federation of Indian Chambers of Commerce and Industry (FICCI), in partnership with management consulting firm McKinsey & Company, has outlined how India can achieve 600 million jobs and ₹10 lakh per capita income by 2047, in a whitepaper named ‘India’s Century – Achieving sustainable, inclusive growth’ initiative.

The multi-stakeholder initiative took inputs from 200 companies to identify the 10 priority sectors for growth in India.

The initiative also lists a roadmap with a 50-step action plan that companies and industry bodies across these sectors can take to achieve sustainable and inclusive growth along key metrics by 2047.

This could potentially help in increasing the per capita income sixfold to ₹10 lakh, achieving 600 million jobs, doubling female participation in the labour force to 45-50%, cutting carbon emissions, and providing access to clean water for all.

“India is at an inflection point in its journey of becoming the third largest and an upper-middle income economy. The industry will have to lead the way and build innovative solutions with a lens of people and planet approach, while the government plays the role of an enabler to nurture the growth and ensure global competitiveness,” said Sanjiv Mehta, president, FICCI.

The initiative lists over 50 important actions across the ten identified priority sectors — agriculture, manufacturing, consumer tech, information and communication technology, financial services, healthcare, infrastructure and logistics, energy, water and education — to grow and account for bulk job creation over the next 25 years.

Some of these actions within the healthcare sector are doubling the number of doctors, nurses, and allied healthcare professionals per capita, leveraging digital healthcare solutions, increasing the intake of MBBS graduates, and reducing insurance premium costs.

Similarly, for financial services, the roadmap suggests doubling the credit penetration of micro, small and medium enterprises (MSME) to 80%, promoting co-lending, and creating digital securities for physical collaterals among other actions.

Within the Information and Communication Technology sector, the roadmap focuses on positioning India as a ‘global factory for digital and cloud’ and increasing share in global SaaS revenue.

Developing broader capabilities key for growth in the near-term

Apart from the sector-specific actions, the initiative also listed four important capabilities – building India’s innovation muscle, scaling up India’s SMEs to grow, strengthening the skills of its future workforce, and shaping India into the preferred destination for foreign investment – that could determine growth momentum over the next 12 to 18 months.

“Companies in India can now create millions of jobs and value through innovations that capture the full potential of digital transformation, energy transition, modern infrastructure development, and realignment of global supply chains,” said Alok Kshirsagar, senior partner, McKinsey & Company.

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