• UGI USER
  • Apr 04, 2024
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INDIA’S FOCUS SHOULD SHIFT TO PER CAPITA GDP FOR DEVELOPMENT.

Why in the news?

China and India’s economic comparison, highlighting the significance of per capita GDP growth for individual prosperity and national development.

source:IE

About the Per Capita GDP Focus:

  • China’s sustained growth led to its per capita GDP crossing $10,000 by 2019, showcasing the importance of individual prosperity.
  • India’s growth, though steady, has been comparatively slower, with real GDP expanding at around 6% annually.
  • India’s nominal GDP in 2022 stands close to China’s level in 2007, highlighting the need for accelerated growth to catch up.
  • India’s target of a “Viksit Bharat” or developed India by 2047 aligns with achieving higher per capita GDP levels for enhanced prosperity.
What is Vision India 2047?

  • Initiator: NITI Aayog, India’s apex policy think tank.
  • Purpose: Develop a 25-year blueprint for India’s development.
  • Goals: Global innovation leadership, human development model, social welfare champion, environmental sustainability advocate.

What are the Aspects of Viksit Bharat?

  • Structural Transformation: Shift resources for economic growth and job creation.
  • Organizing Labour Markets: Improve productivity and social protection.
  • Increasing Competitiveness: Enhance innovation and investment attraction.
  • Improving Financial and Social Inclusion: Reduce poverty and empower marginalized groups.
  • Governance Reforms: Enhance transparency, accountability, and public service delivery.
  • Seizing Green Revolution Opportunities: Foster environmental sustainability and new growth avenues.