Madhya Pradesh's economy can grow 18 times to Rs 248.6 lakh crore by 2047-48, growing at a compound annual growth rate of 8.6 from the current Rs 13.6 lakh crore, according to a CII report.
In 'Envisioning Madhya Pradesh Economy@2047', the industry report suggests that the state should focus on boosting the manufacturing industry and industrial expansion if it wants to realise its potential.
Madhya Pradesh's contribution to India's gross domestic product can increase to 6% by 2047–48. Currently, the state's GDP contribution is 4.6%, according to Chandrajit Banerjee, director general of Confederation of Indian Industry.
While the agriculture sector currently contributes 43% to Madhya Pradesh's economy, the share of manufacturing must rise from 7.2% to 22.2% by 2047 to sustain long-term growth.
To achieve this, the report outlined strategic interventions, categorised into horizontal (cross-sectoral) and vertical (sector-specific) approaches.
(With PTI inputs)
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