Call for a $10-trillion economy

A new report by PwC 'Future of India - The Winning Leap' identifies 10 vectors on which India must perform "to achieve its ambition of rapid, inclusive and sustained growth". But given the scale of the challenges, rather than continuing with a business-as-usual approach, the report advocates innovative solutions.

The list of measures proposed in health care, education, agriculture, financial services, manufacturing, retail, power, urbanisation, physical and digital connectivity, could, according to the report, potentially transform India into a $10-trillion economy.

But as attaining and sustaining a high-growth trajectory over the coming decades is conditional upon improving the ease of doing business, on which India has been consistently ranked low, chapter 5 of the report, which deals with the issue, makes for interesting reading.

The report calls for simplifying administrative procedures and reducing compliance costs which could create a more friendly business environment. It lists some of the key areas in which India is currently ranked low and provides examples of how other countries have successfully tackled similar issues. It also proposes to drastically simplify the current process of corporate registration by cutting the number of steps from 12 to 4.