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The PHD Chamber of Commerce and Industry (PHDCCI) has recommended a comprehensive nine-point strategy to state governments to accelerate industrial growth and enhance overall economic development.
The recommendations are part of a research study conducted by the chamber, focusing on driving progress across key sectors in Indian states. The proposed strategy emphasizes on improving the ease of doing business and reducing the cost of doing business as fundamental steps to attract investments and stimulate growth. PHDCCI also highlighted the need for robust infrastructure development to support industrial expansion and foster sustainable economic growth. Other key recommendations include strategies to stimulate growth in the services sector, boost exports, and promote skill development and innovation. The chamber suggests significant investments in health and education to improve human capital, which is critical for long-term growth. Additionally, the adoption and sharing of best practices across states have been proposed to enhance operational efficiency and competitiveness. PHDCCI noted that while some states are primarily agrarian, the industrial and services sectors are emerging as significant contributors to their economic and social development. The study said "some States are predominantly agrarian in nature, the industrial and services sector are emerging as a significant contributor in their economic and social development". For instance, states like Punjab, Haryana, and Uttar Pradesh lead in agricultural production, ensuring food security for the nation. Meanwhile, Chhattisgarh, Madhya Pradesh, and Odisha are rich in mineral resources, providing critical raw materials for various industries. On the other hand, Maharashtra, Gujarat, and Karnataka are at the forefront of industrial and technological advancements, contributing significantly to India's GDP. The chamber's recommendations aim to harness these strengths while addressing challenges to create a balanced and sustainable growth trajectory for all states. The nine-point strategy reflects PHDCCI's vision to align state-level growth with India's broader economic goals, ensuring inclusive and sustainable progress across regions. The chamber continues to work closely with policymakers and stakeholders to translate these recommendations into actionable outcomes. (ANI)
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