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Increasing people productivity, the report from the Boston Consultancy Group (BSG) says, can be beneficial across all levels of an organisation.
India’s current people productivity ranks behind most developed and emerging economies, such as the US, Japan and China, because of skill and engagement gaps.
It should focus on hiring quality, skilled manpower with vision that competes successfully on an international level.
Correcting these discrepancies now could ensure that India increases its manufacturing share of GDP to 25 per cent over the next decade and becomes the Fifth largest manufacturing nation in the world.
The BCG report also came on the heals of news from an HSBC survey that India’s economy expanded at a faster rate than China last month.
“Emerging market economies continued to expand in February but the pace of growth lost steam. The slowdown appears to be broad-based across manufacturing and services, with BRIC (Brazil, Russia, India, China) activity moderating after a promising start to the new year,” Murat Ulgen, HSBC chief economist, Central and Eastern Europe and Sub-Saharan Africa, told the Wall Street Journal.
The report advised that India’s manufacturing sector begin raising awareness early, among students, and also provide current employees a better work experience.