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  • Jan 11, 2024
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India to be a 30 trillion-dollar economy by 2047

@nsitharamanoffc

News

  • According to Finance Minister Nirmala Sitharaman at the Vibrant Gujarat Global Summit in Gandhinagar, India’s GDP will reach $30 trillion by 2047 and she also predicted that by 2028, the nation’s economy would be valued at $5 trillion.
  • Sitaraman stated that in the 23 years leading up to 2023, India has received 919 billion US dollars in foreign direct investment.
  • Of these, nine years’ worth of investments accounted for sixty-five percent. Additionally, she acknowledged Gujarat’s role as the nation’s growth engine, contributing more than 8% of the GDP.
  • Speaking at the event, Piyush Goyal, the minister of commerce and industry, stated that the PM Gatishakti initiative is becoming a global standard for seamless and integrated multi-modal connectivity.
  • At the Vibrant Gujarat Global Summit, India and the UAE exchanged four memorandums of understanding, according to Foreign Secretary Vinay Mohan Kwatra.
  • These memorandums of understanding concern investment cooperation in food parks, renewable energy, innovative healthcare, and logistics cooperation.

Vision India@2047: A Roadmap For $ 30 Trillion Economy

  • A road map to turn the nation into a developed country with an economy worth USD 30 trillion by the time it celebrates its 100th anniversary of independence is anticipated to be unveiled by the prime minister in early 2024.
  • The goal of the Vision India@2047 project, launched by India’s top policy think tank, NITI Aayog, is to develop a roadmap for the country’s growth over the next 25 years.
  • The project intends to establish India as a leader in innovation and technology on a global scale, as well as a role model for social welfare and human development and an advocate for environmental sustainability.
  • Objective of the Vision India@2047
    • Attaining a GDP of USD 30 trillion, with a per capita income of USD 18,000–20,000, solid public finances, and a thriving financial industry.
    • Developing world-class infrastructure and facilities for both rural and urban areas.
    • Promoting the digital economy and governance while getting rid of needless government intervention in people’s lives.
    • Fostering indigenous industry and innovation, merging or restructuring, and producing three to four global champions in each sector.
    • Strengthening India’s position in the world and achieving self-reliance in the space and defense industries.
    • Boosting the capacity of renewable energy sources to promote green growth and climate action.
    • Giving young people knowledge and skills to empower them.
    • Establishing at least 10 Indian universities among the top 100 worldwide and collaborating with foreign R&D organizations to develop the nation’s top 10 laboratories.
GATI SHAKTI Scheme

●   Aim:

○   The scheme aims to guarantee integrated planning and execution of infrastructure projects, with an emphasis on accelerating groundwork, cutting expenses, and generating employment.

○   The National Infrastructure Pipeline, which was introduced in 2019 and cost Rs 110 lakh crore, was absorbed by the Gati Shakti scheme.

○   The program aims to reduce turnaround times at ports and increase cargo handling capacity in addition to lowering logistics costs to promote trade.

○   In addition, it plans to create two new defense corridors, one in Uttar Pradesh and one in Tamil Nadu, and eleven industrial corridors. Another goal is to provide 4G connectivity to every village and there are plans to expand the network of gas pipelines by 17,000 kilometers.

○   It will assist in achieving the challenging goals the government has set for 2024–2025, such as building more than 200 new airports, heliports, and water aerodromes, and extending the national highway network to 2 lakh km.

●   Integrated Approach: It aims to unite sixteen Ministries concerned with infrastructure. Long-standing problems like fragmented planning, a lack of standardization, difficulties obtaining clearances, and the timely creation and use of infrastructure capacities will all be helped by this.

●   Gati Shakti Digital Platform: It entails the establishment of a single, overarching platform that will enable the efficient planning and execution of infrastructure projects by facilitating real-time coordination between multiple ministries and departments.

Vibrant Gujarat Global Summit

●   The tenth Vibrant Gujarat Global Summit will be opened by Prime Minister Narendra Modi on Wednesday, January 10, 2024, at Mahatma Mandir in Gandhinagar.

●   The tenth Vibrant Gujarat Global Summit will have the theme “Gateway to the Future”  and has 16 partner organizations and 34 partner countries.

●   About 200 CEOs from around the world are anticipated to attend the summit in addition to the Indian industrialists.

●   This 2024 summit will center on emerging industries such as space manufacturing, green hydrogen, semiconductors, and e-mobility.

●   The summit will feature over 2500 B2B and B2C meetings in addition to a number of seminars covering topics such as Industry 4.0, Technology and Innovation, and renewable energy that are pertinent to the entire world.

 

 

Source: newsonair

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