PM’s Visit To USA – UPSC Paper: GS Paper III

Question 2: How does the Mission 500 initiative under the India-U.S. Comprehensive Strategic Partnership contribute to India’s goal of ‘Viksit Bharat’ by 2047? (250 words)

UPSC Paper: GS Paper III

🔹 Syllabus Topic: Effects of liberalization on the economy, changes in industrial policy, and their effects on growth

Answer:

The Mission 500 initiative, which aims to increase India-U.S. bilateral trade to $500 billion by 2030, is a crucial step toward realizing ‘Viksit Bharat’—India’s vision of becoming a developed nation by 2047. Trade and economic cooperation with the United States play a pivotal role in boosting India’s industrial growth, infrastructure development, and job creation.

By facilitating tariff reductions and supply chain integration, Mission 500 enhances India’s export competitiveness in agriculture, industrial goods, and technology sectors. The first Bilateral Trade Agreement (BTA) will help streamline market access for Indian products in the U.S., accelerating economic expansion. Additionally, India’s decision to lower tariffs on bourbon, motorcycles, and ICT products fosters reciprocal trade benefits, strengthening bilateral economic ties.

A significant aspect of this initiative is the $7.35 billion investment by Indian companies in U.S. industries, which not only boosts India’s global economic footprint but also enables technology transfer and innovation-driven growth. The expansion of the U.S.-India Energy Security Partnership ensures access to stable and affordable energy, a fundamental requirement for sustaining India’s rapid industrialization.

By leveraging these trade advancements, India can attract foreign direct investment (FDI), enhance its manufacturing base under ‘Make in India,’ and drive employment opportunities, all of which are essential pillars of the ‘Viksit Bharat’ vision. Thus, Mission 500 is a catalyst in India’s journey towards becoming a self-reliant, high-income economy by 2047.