After Prime Minister Narendra Modi gave a call on making India a developed country by 2047, when it will be celebrating 100 years of Independence, a vision document is on works to realise the goal and will be ready in the next three months. Divulging the details to reporters, NITI Aayog CEO BVR Subrahmanyam said the draft "Vision India @2047" document to make India a developed economy of about USD 30 trillion by 2047 would be presented by December 2023.
Besides highlighting the institutional and structural reforms needed to make India a developed nation, the document will address the poverty issue and the "middle-income trap".
"A vision plan is being prepared for India to become a developed economy of about USD 30 trillion (USD 29.2 trillion) by 2047... the whole purpose of the vision document is to avoid the middle-income trap," PTI quoted Subrahmanyam as saying.
"We are worried about the middle-income trap... India has to cut through the poverty thing and middle-income trap," he further said.
READ | India Needs To Grow At 8-9 Per Cent For 20 Years To Become Developed Country By 2047: Deloitte
The middle-income trap is a scenario where a middle-income country is unable to transition to a high-income economy and achieve higher per-capita income levels. This may be due to rising costs and declining competitiveness. However, it is easier for low-income countries to transition to middle-income economy faster due to factors like low wages and cheap labour.
How Goal To Make India 'Vikshit Bharat' By 2047 Is Progressing
In May, PM Modi had asked all Chief Ministers to work towards the goal of making India 'Vikshit Bharat' by 2047 during the Governing Council meeting of NITI Aayog.
On August 15, addressing the nation from the ramparts of the Red Fort on India's 77th Indepnedence Day, PM Modi had said the country would be among the top three economies in the near future. India is currently the fifth-largest economy in the world, after the US, China, Japan, and Germany.
The process to make the draft vision document, however, was started back in 2021, with the Cabinet Secretary and 10 Sectoral Groups of Secretaries (SGoSs) being asked to prepare sectoral visions, PTI reported. In these two years, several rounds of meetings and consultations with various stakeholders, industry chambers, export promotion council, think tanks and research institutions have taken place.
NITI Aayog came into the picture earlier this year and was asked to consolidate the 10 sectoral visions into a combined document for "Vikshit Bharat @2047". Another round of brainstorming with businessmen Gautam Adani, Mukesh Ambani and Alphabet CEO Sundar Pichai will take place next month.
"Consultations with SGoSs and thought leaders (including chairman Adani Group Gautam Adani, chairman of Reliance Industries Mukesh Ambani and Google and Alphabet CEO Sundar Pichai) will take place in November 2023," PTI quoted Subrahmanyam as saying.
Sectors and upcoming technologies where India can be a world leader will also be part of the vision document. It will also recommend ways to leverage India's market size and address regional disparities. States are also developing their own vision documents, the NITI Aayog CEO said.
Recently, in an interview to PTI, Deloitte South Asia CEO Romal Shetty said India needs to grow at 8-9 per cent for the next 20 years to realise its aspiration of becoming a developed nation by 2047. Shetty said India's space sector had the potential to investments of $100 billion by 2040.
"We need to grow at 8-9 per cent till at least 2047 to become a developed economy.... moving away from middle income level... To grow at that pace is not easy. Very few countries in the world have been able to grow at a pace of 8-9 per cent year-on -year," Shetty told PTI.