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India's economic growth has slowed down to 5.7 per cent per annum over the last decade due to policy setbacks such as demonetisation, a poorly implemented goods and services tax and strict COVID-19 lockdowns. To bring growth back up to 8 per cent per annum, the government should focus on harnessing labour-intensive manufacturing sectors—garments, textiles, food processing, leather footwear, and wooden furniture. Experts propose strategies including supporting Micro, Small and Medium Enterprises nationwide through a Cluster Development Program, improving poor infrastructure in mid-sized towns, investing in public education, developing industrial corridors and hubs and investing in research and development as part of an explicit industrial policy.
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The outdated fiscal system in Japan, which deters career building among women, significantly hinders women's economic participation and wage growth. This is despite women's labour force participation standing at an impressive 73 per cent. With the prospect of a severe labour shortage in the decades to come due to a decrease in the fertility rate, there is a dire need for rapid reform as current policies are no longer safeguarding low-income individuals and instead, inhibit women's productivity and wage growth.