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India aims for $30 trillion economy by 2047

Key highlights:

India’s “India@2047 Vision Document” outlines a roadmap to achieve a $30 trillion economy by 2047, with a per capita GDP of $17,590.

The document consolidates ten sectoral visions from multiple ministries, setting the stage for key sector domination, technological leadership, and essential reforms.

NITI Aayog actively consults with influential figures and accounts for global megatrends, propelling India towards a transformative future marked by urbanization and governance restructuring.

With drafting slated for completion by December, NITI Aayog’s CEO BVR Subrahmanyam has unveiled ambitious plans to make this roadmap accessible to the public within three months.

The Vision Document represents a consolidated effort, amalgamating ten sectoral thematic visions painstakingly developed over nearly two years by various ministries. Forecasts by NITI Aayog indicate that India’s economy is poised to reach an astounding $30 trillion by 2047, accompanied by a per capita GDP of $17,590.

While specifics regarding the document’s contents remain under wraps, Subrahmanyam has disclosed that it will delineate key sectors and technologies that India must dominate by 2047. It will also address the pivotal institutional and structural reforms required to actualize these ambitious objectives. Notably, the Vision Document plays a critical role in steering India clear of the middle-income trap, a persistent concern among policymakers.

The groundwork for this visionary endeavor commenced in December 2021, guided by the Ministry of Finance’s economic parameters and projections. Ten sectoral groups of secretaries (SGoS) have diligently engaged with stakeholders, including think tanks, research institutions, industry chambers, and export promotion councils. For instance, the SGoG dedicated to commerce and industry conducted consultations with a staggering 20,000 individuals.

In the final week of November, NITI Aayog has planned consultations with influential figures such as Mukesh Ambani, Gautam Adani, Nandan Nilekani, N Chandrasekaran, and other prominent thought leaders.

This grand vision accounts for eight global megatrends that are set to reshape the world by 2050. These trends span diverse domains, including demographic changes in India and Africa, income disparities, climate-related crises, technological advancements, and geopolitical shifts.

NITI Aayog is further extending its support to states like Gujarat and Andhra Pradesh in crafting their individual vision documents. Simultaneously, other states such as Uttar Pradesh, Tamil Nadu, Goa, and Uttarakhand are independently shaping their own economic destinies. Aligning these state-level visions with the national agenda presents a challenge, and NITI Aayog is actively seeking solutions.

Initial projections from NITI Aayog’s forecasting paint a promising picture for India’s future. By 2047, India’s exports are estimated to reach an impressive $8.67 trillion, while imports are expected to total $12.12 trillion. Furthermore, the think tank envisions an increase in India’s average life expectancy to 71.8 years and a literacy rate of 89.8%, representing substantial progress from 2021.

The year 2047 is envisioned as a transformative period for India, marked by increased urbanization, shifts in lifestyle, evolving employment dynamics, and alterations in governance structures. Subrahmanyam underscores the necessity for radical governmental restructuring both horizontally and vertically, prioritizing the delegation of implementation tasks to lower levels to free up senior officials for strategic planning.

Lastly, it is worth highlighting that the government has enlisted the expertise of the consulting firm BCG to assist in shaping the ‘Viksit Bharat @ 2047’ document. This visionary document, originally conceived by Prime Minister Modi in December 2021, is set to chart India’s course toward a prosperous economic future.

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