India has experienced notable productivity growth over the last twenty years, driven by the rapid development of high-value service sectors, ongoing efficiency reforms, and benefits from its large domestic market. Despite these gains, further improvements are needed to help India achieve its goal of becoming an advanced economy.
Encouraging innovation and reducing obstacles faced by businesses are critical steps to sustaining and accelerating productivity growth. By fostering a more supportive environment for new ideas and entrepreneurship, India can unlock additional economic potential.
**Why this matters**
Sustained productivity growth is essential for raising living standards and maintaining competitive advantage in the global economy. Strengthening innovation and easing business constraints will help India create higher-value jobs and drive long-term economic development.
Source: News Source