• UGI USER
  • Nov 19, 2023
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VISION INDIA@2047: TRANSFORMATIVE ROADMAP

Prime Minister’s Roadmap:

  • Expected in early 2024, the Prime Minister plans to unveil Vision India@2047, aiming for a developed nation with a USD 30 trillion economy by India’s 100th year of Independence.
  • Initiated by NITI Aayog, India’s apex policy think tank.
  • A two-year effort involving diverse ministries to strategize the country’s developmental trajectory.

Source: The Hindu

Objectives of Vision India@2047

  • Goal:

Achieve a USD 30 trillion economy with a per-capita income of USD 18,000-20,000.

  • Key Focus :
a) On building world-class infrastructure
b) Eliminating unnecessary government interference
c) Developing global champions in various sectors

 

  • Aims:
a) To be self-reliant in defense and space
b) Foster green growth
c) Empower the youth,
d) Enhance global research collaboration.

 

Current Status and Future Prospects of Indian Economy

  • India ranks fifth in nominal GDP and third in PPP terms.
  • Forecasts predict India surpassing Japan and Germany by 2030.
  • S&P estimates India’s nominal GDP to rise from USD 3.4 trillion in 2022 to USD 7.3 trillion by 2030.

 

Factors Driving Economic Growth

  • Demographic Dividend: Large, young population contributing to a skilled workforce.
  • Growth of the Middle Class: Projected to expand from 50 million in 2023 to 500 million by 2050.
  • Accelerated Digital Economy: Embracing digital transformation in various sectors.

Challenges and Considerations

  • Middle-Income Trap: Concerns about potential stagnation after reaching a certain income level.
  • Ageing Population: Addressing challenges associated with an ageing population.
  • Sustaining High GDP Growth: Striving for sustained growth rates to meet ambitious economic goals.

Strategies for Economic Growth

  • Divestitures: Aim for efficient privatization of the public sector.
  • Middle Class Boost: Consider tax reforms to increase disposable income.
  • Labor Force Participation: Invest in education and skill development.
  • Infrastructure Development: Accelerate execution of the National Infrastructure Pipeline.
  • Manufacturing Momentum: Leverage initiatives like the production-linked incentive (PLI) scheme.
  • Private Investment: Attract foreign and domestic investment through incentives.
  • Structural Reforms: Targeted reforms to enhance productivity and competitiveness.

Focusing on structural reforms and foreign direct investment is essential for sustained economic growth.