India’s growth call: EAC-PM asks corporates to step up with capital; stresses on exports, jobs and decentralisation

Private companies sitting on large reserves of capital must step up and invest in India’s growth journey, the Economic Advisory Council to the Prime Minister (EAC-PM) said on Sunday, underlining that investments and exports will be the key drivers of the country’s economic expansion.“Investments and exports will drive growth… private sector has a lot of capital, now they should invest in India’s growth journey,” S Mahendra Dev, member of EAC-PM, said at the launch of the book ‘Everything All At Once’, PTI reported. He added that the quality of employment remains a challenge, which is why the government is working to increase jobs in the formal sector.A Reserve Bank of India (RBI) article recently projected that capital investment by private companies is set to rise 21.5 per cent to Rs 2.67 lakh crore in 2025-26, aided by strong macroeconomic fundamentals and a 100-basis point cut in policy rates.Highlighting India’s strengths, Dev said the country’s young workforce and digital technology offer a unique advantage. He also stressed that “Viksit Bharat means inclusive growth,” noting that extreme poverty in India has “declined significantly.”Calling for stronger state capacity and greater decentralisation, Dev said India is on track to achieve its net-zero target but needs to reduce its dependence on coal.At the same event, former Niti Aayog vice-chairman Rajiv Kumar, co-author of the book, said private enterprises have always played an important role in shaping India’s growth story. He also emphasised the need to promote natural farming.