India’s Path to Becoming a Developed Nation by 2047
The Government of India has set a vital goal for the country: to reach the status of “Viksit Bharat” by 2047, marking 100 years since independence. While most agree that “Viksit Bharat” means a developed nation, it’s essential to break this concept down into concrete steps.
A $10 Trillion Economy
Currently, India stands as the fourth-largest economy in the world, with a GDP of approximately $4.5 trillion. Given our population of nearly 1.5 billion, this figure needs substantial growth to hit the target of a $10 trillion economy. To achieve this, two main actions are required. First, we should aim to double our share of international trade, increasing our global exports from around 2% to 10%. Second, Foreign Direct Investment (FDI) must significantly rise from its current level of nearly $100 billion. To realize these goals, the government must implement deep reforms in several areas, including land, labor, power, agriculture, and infrastructure.
Inclusive Growth
While GDP growth is crucial, it needs to benefit everyone, especially those at the bottom of the economic ladder. Initiatives like the Pradhan Mantri Garib Kalyan Yojana are steps in the right direction, but job creation for the youth should be a top priority for both state and central governments. Encouraging young people to become entrepreneurs can help tackle current levels of inequality, fostering a more balanced society.
Focus on Skills
India’s education system often emphasizes rote learning, producing graduates who may not be ready for the job market. We need to emphasize skill development and vocational training. Collaborations between industries and educational institutions should help impart essential tech skills, including those in Artificial Intelligence. Increased investment in education, particularly in underperforming states, is crucial, and so is a focus on Research and Development. With a population of 1.5 billion, having a skilled workforce is essential for navigating today’s knowledge-based economy.
Healthcare Advancements
India’s healthcare system is evolving rapidly, thanks to digital improvements and infrastructure growth. Programs like Ayushman Bharat are making significant strides in providing healthcare access. However, challenges such as high medical costs and chronic diseases still exist. The government has taken steps to increase the number of medical colleges and promote India as a hub for medical tourism, but public healthcare spending needs to increase. Strengthening the National Health Mission could help ensure a more accessible healthcare system for all citizens.
Sustainable Development
India must carve its unique path to development without blindly following the high-carbon methods used by industrialized nations or China. We have the potential to pursue a low-carbon growth strategy, turning our economy into a sustainable and high-income one. This is not just a responsibility to the world but a right for our people.
Conclusion
India is on a promising path to becoming Viksit Bharat by 2047. However, this ascent requires a focused approach involving cooperation across all levels of government. The next twenty years will be pivotal in shaping the nation’s future.
Dr. Mohan Kumar, a former Indian Ambassador to France and currently a Dean and Professor at O.P. Jindal Global University, offers these insights as personal views.
