Onus with private sector to lead country on sustainable growth path: NITI Aayog VC

New Delhi: The government is facilitating holistic development but the onus lies on the private sector to lead the country on a sustainable growth trajectory, NITI Aayog Vice-Chairman Suman Bery said on Wednesday.

The private sector contributes 40 per cent of Research and Development (R&D) in the country, while its share in developed countries is 70 per cent, Bery said, while addressing an event organised by the Public Affairs Forum of India (PAFI).

"If we are to transit from the middle income trap, the private sector needs to enhance its contribution to R&D through its own investments and under corporate social responsibility," the NITI Aayog VC said.

The onus is on the private sector to lead us on a sustainable growth trajectory, Bery said.

He said the relationship between the public and private sectors needs to be redefined in the Amrit Kaal, to lead the country to a path of sustainable growth.

Bery further said that India's take-off moment has arrived, backed by the advantage of having the world's largest working population and resilient physical and digital institutions.

"This is India's take-off moment... 1/5th of humanity will have rising living standards," he said.

"India is on the move, there is no doubt about it... India has the largest working age population in the world, (and) resilient physical and digital institutions," he said.

Bery also pointed at the need to address significant challenges, including managing urbanisation, making regulations consistent and continuous, and adapting to disruptive technologies.

Noting that India has the advantage of having the largest arable land and the highest population of bovine animals, Bery said the issue of raising agricultural productivity and having opportunities for displaced labour is a big challenge.