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India has set its sights on becoming a $30 trillion economy with a per capita income of $18,000 annually by 2047, according to NITI Aayog’s “Vision for Viksit Bharat @ 2047: An Approach Paper.”
This ambitious plan outlines the need to avoid the middle-income trap and achieve sustained growth rates of 7-10% over the next two to three decades—a feat accomplished by only a handful of nations historically.
Path to a Developed Nation
To reach developed nation status, India’s GDP must expand ninefold from the current $3.36 trillion, and per capita income must increase eightfold from $2,392 per annum. The paper describes Vikshit Bharat as a country with the characteristics of today’s high-income nations, highlighting its rich heritage and cutting-edge capabilities.
Global Benchmarks and Challenges
The World Bank defines high-income countries as those with annual per capita incomes exceeding $14,005 (as of 2023). India aims to join this elite group by 2047, coinciding with the centenary of its independence.
The paper outlines several structural challenges, including enhancing manufacturing and logistics and bridging rural-urban income disparities.
Strategic Focus and Industrial Competitiveness
In NITI Aayog’s ninth Governing Council meeting, chaired by Prime Minister Narendra Modi, the paper emphasized the need to balance energy security, access, affordability, and sustainability. It also called for improving industrial competitiveness to transform the agricultural workforce into an industrial one, positioning India as a global manufacturing and service hub.
A Collective National Effort
The vision for India’s future, as detailed in the paper, must be a collective effort involving contributions from the entire nation rather than a single government or a few individuals. The document marks a historical turning point for India, highlighting its potential to dominate the 21st century as it strides confidently into the future.
Summary of Key Goals and Challenges-
- Avoiding the Middle-Income Trap: Sustained GDP growth of 7-10% over the next 20-30 years.
- Economic Expansion: Growing the economy ninefold from the current $3.36 trillion.
- Income Growth: Increasing per capita income eightfold from $2,392 annually.
- Viksit Bharat Vision: Envisions India as a developed country with advanced social, cultural, technological, and institutional features.
- Structural Challenges: Upgrading manufacturing and logistics capabilities and bridging the rural-urban income gap.
This visionary approach aims to elevate India to the ranks of high-income countries, ensuring a prosperous and developed nation by 2047.
