Editorial . . . . .
Higher growth rates and economic development depend on private investments made by the corporate sector. A multiplier effect is produced in the economy as a result of increasing investment since it increases both direct and indirect employment, consumer spending, and economic growth. About two-thirds of this came from the private sector, which includes small businesses in the household sector. The development would be accelerated by effective public-private partnerships in key infrastructure and long-term investment areas. Funds from the private sector must be directed through public-private partnerships into important development areas. In an attempt to attract private investment, the Indian government has created a number of formats, particularly in the fields of airports, industrial parks, higher education, and skill development. India is on the verge of a technological revolution that could completely alter the nation’s manufacturing and economic output. Facilitating the transfer or dissemination of innovative technology through industry-led initiatives or by developing new business models that utilize technology in novel ways must be a priority for the private sector in order to boost productivity and promote long-term economic growth. Technology may be harnessed and used by the private sector to increase national prosperity, but it also falls on this sector to make sure that all facets of society benefit from it. In order to promote inclusive development, an emphasis on accessible technology is essential. The private sector is best suited to provide equitable development in emerging countries, which is made possible by technology-enabled progress in fields like health and education. Corporates have a crucial role in promoting innovation and entrepreneurship and guaranteeing the future development of an economy. Infrastructure that is reliable, sustainable, and able to employ current technologies to produce new goods and services is provided through private sector investments. In the majority of nations, the private sector takes the lead in funding R&D projects, collaborating with academic institutions and universities to commercialize new discoveries and develop creative business plans and strategies. When it comes to entrepreneurship and technology coming together, India has become a big participant. The private sector should take the initiative and promote increased innovation and resource mobilization, which are crucial for both ecological and economic sustainability. Examples of resources that should be mobilized include cash, budgets, communication systems, and the necessary infrastructure. A thorough plan for industrial transformation has been developed by the government. The changes target well-known obstacles of inadequate infrastructure, sluggish corporate processes, and labour market reforms, with a focus on supply-side approaches. The introduction of the production-linked incentive programmes aims to promote the expansion of strategically important or technologically advanced sectors. Developing the ability to integrate with global value chains is the goal. Numerous steps have been taken to lower transaction costs, especially for small and medium-sized businesses, as well as to promote the infusion of money, technology, and global best practices into the industries. The new CPSE strategy offers a disinvestment road map, creating doors for their continued expansion and increased efficiency while allowing the government to concentrate its resources on the demands of the nation’s development. Given the industrial sector’s recovery, optimistic company expectations driven by significant reforms, and increased consumer demand, it is reasonable to anticipate that the industrial performance will continue to improve.
In the context of Jammu & Kashmir, it has managed to draw total private investments of Rs 56,000 crores in investment proposals that have only been received over the last 18 months. In the evaluation of the strengthening of the startup ecosystem, J&K has emerged as the top performer in the UT category. The Single Window Portal, which has been merged with the National Single Window Portal run by the Central Government, now offers 150 e-services from 18 departments in an effort to improve the environment for ease of doing business and to attract private investment in the UT. A total of 22 projects totaling Rs. 4400 crores have been authorized for the construction of a medical city, which will add about 1000 more MBBS seats to the UT as well as employment opportunities for locals. Moreover, with the help of new industrial development strategy, Jammu and Kashmir has entered its golden age of industrial development, if it all goes well on the ground.