Happy 2021. Break out the innovation

Indian industry must drive our economic recovery through innovation and exports

The Chinese sage Confucius said, “May you live in interesting times.” Confucius meant this as a curse, and we can see why. We live in very interesting times. The global Covid health crisis has prompted unprecedented lockdowns, with devastating economic consequences. Global economic growth in 2020 is forecast to be minus 5 per cent, and in India minus 7.5 per cent. Our goal in 2021 must be to recover, and to put in place processes to grow rapidly for decades. Per capita gross domestic product (GDP) growth is nothing other than productivity growth, a result of capital investment, labour supply