The Indian government is in the final stages of crafting a comprehensive blueprint, known as “Viksit Bharat@2047,” that aims to transform India into a $30 trillion developed economy by 2047. The roadmap, which began taking shape in December 2021, is expected to be formally unveiled by Prime Minister Narendra Modi early next year.
Addressing Global Challenges Viksit Bharat@2047
“Viksit Bharat@2047” takes into account eight key global challenges, including the dynamics of a “more affluent but polarized world.” The plan seeks to navigate these challenges and set India on a course to becoming a developed nation.
As the roadmap nears completion, it is undergoing a final round of consultations with stakeholders, including experts and industry leaders. These consultations will take place in cities like New Delhi and Mumbai next month. The input from these consultations will contribute to the blueprint’s finalization.
Institutional Reforms and Disparity Reduction
The long-term roadmap encompasses structural and institutional reforms, efforts to bridge regional disparities, process optimization, excellence development in specific areas, recalibration of international engagements, human capital development, and nurturing a cadre of global leaders.
Progress along this journey will be evaluated at multiple reference points, including India’s positioning in 2030, 2040, and the ultimate goal of 2047.
Projections and Targets
Based on the initial plan (subject to adjustments), it’s anticipated that these measures will boost India’s Gross Domestic Product (GDP) to $6.69 trillion in 2030, $16.13 trillion in 2040, and $29.02 trillion by 2047. The plan projects a per capita GDP of $4,418 by 2030, $10,021 by 2040, and $17,590 by 2047. In addition, exports are targeted to reach $1.58 trillion by 2030, $4.56 trillion by 2040, and $8.67 trillion by 2047.
To ensure a comprehensive and cohesive plan, 10 sectoral visioning teams of secretaries were formed, covering various sectors, such as rural and agriculture, infrastructure, resources, social vision, welfare, finance and economy, commerce and industry, technology, governance, and security and foreign affairs. These teams were tasked with preparing vision documents through extensive stakeholder consultations and a “whole of the government” and “whole of the country” approach.
The plan also considers eight megatrends expected to shape the world in 2050. These include India’s and Africa’s rise on the global stage, an increasingly affluent yet polarized world, climate-related challenges, and evolving geopolitical dynamics. The roadmap seeks to address these trends and mitigate their potential impact.
One of the primary objectives of this exercise is to prevent India from falling into the “middle-income trap,” where a country stagnates after achieving middle-income status due to a lack of competitiveness.
NITI Aayog’s Role
NITI Aayog, the government’s think tank, serves as the nodal body responsible for compiling sectoral roadmaps aligned with Prime Minister Modi’s ambitious vision. The sectoral groups have already conducted extensive stakeholder consultations, involving thousands of participants.
As the roadmap nears completion, it holds the promise of guiding India toward a prosperous and developed future by 2047.
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