Description
As we enter the final quarter of 2024, India, the world’s fifth-largest economy by dollar GDP, finds itself at a critical juncture. Despite remarkable growth in certain sectors, the nation, by and large, remains globally uncompetitive, especially in manufacturing. This persistent underperformance requires urgent and focused attention from the government.
India’s economic trajectory is tightly interwoven with its security challenges. A sustained and robust economic growth is essential to build deterrent capabilities in an increasingly volatile geopolitical scenario. The last decade has witnessed a surge in India’s innovation ecosystem, propelled by significant investments in research and development and a booming start-up culture. However, the country must tackle its structural inefficiencies head-on, if it is to capitalise on these developments and achieve long-term competitiveness.
While there is much talk of India’s start-up success stories, the underlying challenges—such as limited access to capital for small enterprises, bureaucratic red tape, and a lack of infrastructure—continue to hinder widespread innovation.
